Whether you are looking for a fixed rate or adjustable, conforming or jumbo mortgage, our mortgage specialists will help customize the right mortgage for you.
We can help make buying or refinancing your home easier with a selection of mortgage options to fit your needs.
Get started with your mortgage application process.
Get peace of mind knowing your monthly principal and interest payments won’t change over the life of your loan. Fixed-rate mortgages make budgeting easier because you’ll know exactly how much your principal and interest payments will be from month to month.
An Adjustable Rate Mortgage (ARM) provides borrowers with an initial lower interest rate and monthly payment. With an ARM, the interest rate changes periodically, based on a specified index rate, and payments may go up or down accordingly.
Looking to build your new home? Consider doing a Construction Mortgage with us! We have been helping customers finance the construction of their new homes for many years.
Whether you’re looking to purchase an additional single family home, vacation home, condominium, or a multi-family home, our experienced home mortgage specialists can provide all the information you’ll need.
We can pre-qualify you so you’ll know how much house you can afford. In many cases, pre-qualified buyers are placed in higher standing by sellers when competing purchase offers are made.
We have a variety of programs, including the True Community 2.0 Mortgage, that may offer the potential for lower down payments, lower rates and/or lower fees.
The True Community 2.0 Mortgage is designed to help make purchasing a home more affordable for first-time homebuyers.
Rates shown below were in effect on October 2, 2024. Annual Percentage Rate (APR) calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages) and are for example only. Your APR will vary based on loan type and other factors. Payments shown do not include taxes or insurance, therefore your payment will be greater. This is not an offer of credit. Applicants must qualify. Contact a BankRI mortgage specialist for current rates.
1 Rates shown are for 1-4 family, owner-occupied, primary residences. Property insurance is required.
2 Terms for Jumbo Mortgage amounts in excess of $2,000,000 vary. Speak to a Mortgage Specialist for more information.
Rates shown below were in effect on October 2, 2024 and may increase after the initial period. Annual Percentage Rate (APR) calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages) and are for example only. Your APR will vary based on loan type and other factors. Payments shown are for monthly principal and interest and do not include taxes or insurance, therefore your payment will be greater. This is not an offer of credit. Applicants must qualify. Contact a BankRI mortgage specialist for current rates
1 APRs reflect a discount for making automatic payments from a BankRI account. Rates and monthly payments will adjust after the fifth or seventh year depending on the loan type selected, and each year thereafter. Rate adjustments are capped at 2% per adjustment and 6% for the life of the loan. Adjusted rates are based on an index of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year (as published by the Federal Reserve Board in Selected Interest Rates Publication H15) plus a margin of 2.75%. Rates apply to loans for which there is a 20% down payment for purchases or a maximum of 80% financing for refinances. The payment is for monthly principal and interest only for the first five or seven years depending on which loan type selected. Property insurance is required.
2 Fully Indexed rates and payment examples are estimates of what could apply for the remaining term of the loan based on the current index. Actual interest rates and payments will adjust in accordance with the terms of the loan.
3 Terms for Jumbo ARM amounts in excess of $2,000,000 vary. Speak to a mortgage specialist for more information.
4Interest-Only (I/O) ARM payments require interest only payments at the stated fixed rate for the fixed period then amortize fully using traditional mortgage-style amortization at the fully-indexed variable rate; resetting annually over the remainder of the stated loan term. This is typically 20 years of amortization on a 30 year loan after the initial 10 year interest only period.
The cash you need can be right at your fingertips. Our Mortgage Specialists at Bank Rhode Island can help you unlock your dream home or lower your monthly mortgage payment. Contact our specialists today with any borrowing questions you may have.
Visitors to this website may utilize a third party web based language translation service. Bank Rhode Island provides no warranty, express or implied, as to the accuracy, reliability, or correctness of web based language translations. Where there are any discrepancies in translation, the English version is binding. All of the Bank’s consumer disclosures are provided in English.
