Frequently Asked Questions
How do I begin the mortgage application process?
At Bank Rhode Island, we do everything we can to make the application easy and stress free.
If you are interested in learning more about the mortgage products, rates and terms that fit your needs, contact any one of our knowledgeable mortgage specialists and they will guide you through the process.
How much can I borrow?
To determine the amount that you’re qualified to borrow, you'll need to calculate your monthly income and determine the value/equity in the home.
The maximum amount you can borrow is determined by your gross monthly income versus your total monthly expenses. When your loan application is underwritten, this ratio determines the maximum new monthly payment you can afford. The appraised value of the property will determine the amount you can borrow on the home.
What will my rate be?
Rates are based on the specific loan product you select, the amount of money you borrow and your credit history.
What are points?
Points are a one-time fee that you pay (either at application or closing) to lower the interest rate on your loan. When calculating these costs remember, one point is equal to one percent of your loan amount.
How quickly can I close my loan?
You and the seller set a closing date. We process your loan quickly to ensure we meet the required date outlined in your purchase and sales agreement.
If you already own your home and are looking to refinance, the mortgage process is designed to take no more than 30 days.