Bank Rhode Island Mortgage Rates, Fees & Info
Providence, RILEI: 562V2SM4I80MJO5HYB83
Tax ID: 05-0488784
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Bank Rhode Island is a smaller bank specializing in Refi, Home Improvement, and Home Purchase loans. Bank Rhode Island has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Miami, Worcester, and Vineyard Haven among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Rhode Island has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bank Rhode Island is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.01% | 9/25/23 |
| 30 Year Conventional Purchase | 6.41% | 9/25/23 |
| 30 Year Conventional Refi | 6.28% | 9/25/23 |
| 15 Year Conventional Purchase | 5.57% | 9/25/23 |
| 15 Year Conventional Refi | 6.08% | 9/25/23 |
| 15 Year Cash-out Refi | 6.08% | 9/25/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Bank Rhode Island Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
589Origination Dollar Volume (All Markets)
$260,575,000Awards
Bank Rhode Island - 2022
Bank Rhode Island is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Bank Rhode Island's average 30 year fixed mortgage rate was
4.53%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.23%.
Relative Fees (Closing Costs)
Bank Rhode Island's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,828.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 557 | $242,145,000 | $434,731 | $2,368 | 4.84% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 12 | $8,220,000 | $685,000 | $4,173 | 4.51% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $3,480,000 | $870,000 | $7,535 | 5.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 6 | $2,050,000 | $341,667 | $3,535 | 4.19% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $1,425,000 | $1,425,000 | $5,201 | 3.88% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $0 | 4.06% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $4,768 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $5,669 | 2.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,521 | 3.88% |
| Outside of Metro Areas | 1 | $275,000 | $275,000 | $3,456 | 5.38% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,383 | 5.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Rhode Island based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 52
Similarity Rank: 87
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Similarity Rank: 276
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 308 | $187,890,000 | $610,032 | $2,583 | 4.64% |
| HELOC | 281 | $72,685,000 | $258,665 | n/a | 5.02% |
For 2022, Bank Rhode Island's most frequently originated type of loan was Conventional, with 308 originations. Their 2nd most popular type was HELOC, with 281 originations.
Loan Reason
For 2022, Bank Rhode Island's most frequently cited loan purpose was Refi, with 205 originations. The 2nd most popular reason was Home Improvement, with 164 originations.
Loan Duration/Length
For 2022, Bank Rhode Island's most frequently cited loan duration was 30+ year, with 278 originations. The 2nd most popular length was 30 Year, with 154 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 177 | $55,615,000 | $314,209 |
| $1k-2k | 6 | $1,280,000 | $213,333 |
| $2k-3k | 1 | $405,000 | $405,000 |
| $5k+ | 1 | $3,465,000 | $3,465,000 |
Bank Rhode Island's average total fees were $3,828, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 177 originations.
Interest Rates
During 2022, Bank Rhode Island's average interest rate for loans was 4.53%, while their most frequently originated rate bucket for loans was 3-4%, with 177 originations.
Loan Sizing
2022 saw Bank Rhode Island place emphasis on $200k-400k loans with 177 originations, totaling $49,475,000 in origination value.
Applicant Income
Bank Rhode Island lent most frequently to those with incomes in the $100k-150k range, with 120 originations. The second most popular income band? $150k-250k, with 103 originations.
Applicant Debt to Income Ratio
Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 73 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.43%
Bank Rhode Island has a below average approval rate.
Pick Rate
Approvals leading to origination85.23%
Bank Rhode Island has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 589 | $260,575,000 | $442,402 |