Mortgages

We can help make buying or refinancing your home easier with a selection of mortgage options to fit your needs. 

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.

View our rates to start your mortgage application process by clicking one of the buttons below.

Fixed-Rate Mortgages

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. 

Adjustable Rate Mortgages

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.

Construction Loans

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.

Vacation / Second Home

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.

Mortgage Rates & Terms

  • For 1-4 family, owner-occupied, primary residences.
  • Rate lock-in options are available.
  • Rates below reflect a discount for making automatic payments from a BankRI account.  Without Autopay, rates will increase by 0.25%.


Rates shown below were in effect on November 24, 2021. APR calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages). Payments shown do not include taxes or insurance, therefore your payment will be greater. Rates change frequently and may have changed from those below. This is not an offer of credit. Applicants must qualify. Contact a BankRI mortgage specialist for current rates.


Fixed-Rate Mortgages

Loan TypeInterest RatePointsAnnual Percentage Rate (APR)¹Term in MonthsCost Per Thousand
30-Year Fixed
(Loans up to $750,000)
3.250%03.312% 360$4.35
Jumbo 30-Year Fixed
(Loans up to $2,000,000)2
3.250%03.285%360 $4.35
20-Year Fixed
(Loans up to $750,000)
3.125%03.186%240$5.61
Jumbo 20-Year Fixed
(Loans up to $2,000,000)2
3.125%03.159%240 $5.61
15-Year Fixed
(Loans up to $750,000)
2.750%02.856%180$6.79
Jumbo 15-Year Fixed
(Loans up to $2,000,000)2
2.750%02.807%180$6.79

Rates shown are for 1-4 family, owner-occupied, primary residences.  Property insurance is required.

Terms for Jumbo Mortgage amounts in excess of $2,000,000 vary.  Speak to a Mortgage Specialist for more information.

  • For 1-4 family, owner-occupied, primary residences.
  • A 30 year amortization period.
  • A 2% cap per rate adjustment and 6% lifetime cap.
  • Rate lock-in options are available.
  • Rates below reflect a discount for making automatic payments from a BankRI account.  Without Autopay, rates will increase by 0.25%.


Rates shown below were in effect on November 24, 2021 and may increase after the initial period. APR calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages). Payments shown are for monthly principal and interest and do not include taxes or insurance, therefore your payment will be greater. Rates change frequently and may have changed from those below. This is not an offer of credit. Applicants must qualify. Contact a BankRI mortgage specialist for current rates

Adjustable-Rate Mortgages (ARMs)

Loan TypePayment Period (30 Years)Interest RatePointsAnnual Percentage Rate (APR)¹Monthly Payment per $1,000 Borrowed
5/1 ARM
(Up to $750,000)

First 60 months

Remaining 300 Months
(Fully indexed)2

2.875%

2.875%

02.934%

$4.15

$4.15

Jumbo 5/1 ARM
($750,000 and over)3

First 60 months

Remaining 300 Months
(Fully indexed)2

2.875%

2.875%

02.907%

$4.15

$4.15

7/1 ARM
(Up to $750,000)

First 84 months

Remaining 276 Months
(Fully indexed)2

2.999%

2.875%

02.991%

$4.22

$4.16

Jumbo 7/1 ARM
($750,000 and over)3

First 84 months

Remaining 276 Months
(Fully indexed)2

2.999%

2.875%

02.964%

$4.22

$4.16

10/1 ARM
interest only
(Up to $750,000)

First 120 months

Remaining Months
(Fully indexed)2

3.250%

2.875%

03.140%

$2.71

$5.48

Jumbo 10/1 ARM
interest only
($750,000 and over)4

First 120 months

Remaining Months
(Fully indexed)2

3.250%

2.875%

03.117%

$2.71

$5.48

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.

Mortgage Specialists

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. 

Brian Kilday Headshot
VP, Team Leader Mortgage Specialist
NMLS ID: 5272
Kathy Galipeau Headshot
Mortgage Specialist
NMLS ID: 23224
Gregory Mullen Headshot
Mortgage Specialist
NMLS ID: 7156
Stephanie Silva Headshot
Mortgage Specialist
NMLS ID: 671788