Bank Rhode Island Mortgage Rates, Fees & Info

Providence, RI

LEI: 562V2SM4I80MJO5HYB83

Tax ID: 05-0488784

5 stars - Updated: 12/4/24 - out of 5 stars, based on 18 reviews

Latest/2023 | 2022 Data | 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 and Home Purchase loans. Bank Rhode Island has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Minneapolis, Miami, and Barnstable Town among others. We have data for 10 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.01% 12/4/24
30 Year Conventional Purchase 6.41% 12/4/24
30 Year Conventional Refi 6.28% 12/4/24
15 Year Conventional Purchase 5.57% 12/4/24
15 Year Conventional Refi 6.08% 12/4/24
15 Year Cash-out Refi 6.08% 12/4/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bank Rhode Island. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

342

Origination Dollar Volume (All Markets)

$144,570,000

Awards

Bank Rhode Island 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Bank Rhode Island's average 30 year fixed mortgage rate was 6.76%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.28%.

Relative Fees (Closing Costs)

Bank Rhode Island's average total fees/closing costs for a 30 year fixed rate mortgage were $4,092.

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 $9,089.

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) 322 $136,500,000 $423,913 $1,751 7.37%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $3,085,000 $440,714 $2,390 7.14%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $3,366 6.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,080,000 $540,000 $0 7.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $990,000 $495,000 $0 8.13%
Outside of Metro Areas 1 $645,000 $645,000 $5,621 7.38%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $550,000 $137,500 $1,389 6.94%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $265,000 $265,000 $0 7.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,278 6.13%
Berlin, NH (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.00%
Bank Rhode Island's top markets include Providence, Boston, Minneapolis, Miami, and Barnstable Town among others.

Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • 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.

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    OCEAN STATE CREDIT UNION
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    SOMERSET
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    ROCKLAND
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    FALL RIVER MUNICIPAL CREDIT UNION
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    North Easton Savings Bank
    Similarity Rank: 136
    Centreville Bank
    Similarity Rank: 168
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 192

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 173 $100,475,000 $580,780 $1,828 6.55%
    HELOC 169 $44,095,000 $260,917 n/a 8.19%

    For 2023, Bank Rhode Island's most frequently originated type of loan was Conventional, with 173 originations. Their 2nd most popular type was HELOC, with 169 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 112 $55,350,000 $494,196 $1,698 7.06%
    Home Improvement 94 $17,790,000 $189,255 $0 7.70%
    Home Purchase 70 $57,020,000 $814,571 $4,495 7.17%
    Other 66 $14,410,000 $218,333 $822 7.58%

    For 2023, Bank Rhode Island's most frequently cited loan purpose was Refi, with 112 originations. The 2nd most popular reason was Home Improvement, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 167 $40,835,000 $244,521 $0 8.20%
    30 Year 70 $31,920,000 $456,000 $4,092 6.76%
    10 Year 58 $46,800,000 $806,897 $0 6.49%
    15 Year 26 $3,620,000 $139,231 $249 6.55%
    5 Year 10 $450,000 $45,000 $0 5.70%
    20 Year 6 $1,940,000 $323,333 $3,356 5.96%
    Other 4 $16,500,000 $4,125,000 $0 6.69%
    3 Year 1 $2,505,000 $2,505,000 $0 7.56%

    For 2023, Bank Rhode Island's most frequently cited loan duration was 30+ year, with 167 originations. The 2nd most popular length was 30 Year, with 70 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 102 $27,380,000 $268,431
    $1k-2k 3 $1,485,000 $495,000
    $3k-4k 2 $1,300,000 $650,000

    Bank Rhode Island's average total fees were $4,092, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 102 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 109 $55,805,000 $511,972
    Over 8% 108 $23,980,000 $222,037
    6-7% 70 $37,900,000 $541,429
    5-6% 52 $25,250,000 $485,577
    4-5% 3 $1,635,000 $545,000

    During 2023, Bank Rhode Island's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was 7-8%, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 105 $5,945,000 $56,619 $115 7.40%
    $100k-200k 73 $9,795,000 $134,178 $1,170 7.61%
    $200k-400k 72 $19,900,000 $276,389 $2,556 7.33%
    $400k-600k 38 $17,930,000 $471,842 $3,571 7.47%
    $600k-1MM 29 $21,305,000 $734,655 $4,879 7.04%
    $1MM+ 25 $69,695,000 $2,787,800 $6,361 6.69%

    2023 saw Bank Rhode Island place emphasis on $100,000 or less loans with 105 originations, totaling $5,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 66 $12,240,000 $185,455 $889 7.54%
    $250k+ 66 $38,680,000 $586,061 $3,904 7.40%
    $150k-250k 58 $15,440,000 $266,207 $2,473 7.46%
    $50k-75k 47 $4,555,000 $96,915 $1,405 7.51%
    $75k-100k 46 $6,840,000 $148,696 $562 7.38%
    $50k or less 17 $1,535,000 $90,294 $829 7.22%

    Bank Rhode Island lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $250k+, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $11,935,000 $243,571 $1,433 7.46%
    30-36% 44 $8,520,000 $193,636 $1,636 7.36%
    <20% 33 $10,575,000 $320,455 $3,217 7.34%
    50-60% 24 $6,410,000 $267,083 $3,791 7.86%
    47% 16 $3,540,000 $221,250 $1,319 7.04%
    40% 15 $3,525,000 $235,000 $1,035 7.13%
    49% 13 $1,885,000 $145,000 $1,213 7.07%
    43% 13 $2,305,000 $177,308 $1,124 7.76%
    41% 12 $1,920,000 $160,000 $929 6.91%
    48% 11 $2,555,000 $232,273 $0 7.85%
    45% 11 $1,465,000 $133,182 $0 7.84%
    36% 11 $5,875,000 $534,091 $1,465 7.50%
    37% 9 $1,605,000 $178,333 $1,077 7.06%
    38% 9 $5,225,000 $580,556 $5,843 7.47%
    44% 8 $1,320,000 $165,000 $3,108 7.95%
    42% 7 $1,975,000 $282,143 $3,722 7.59%
    46% 7 $805,000 $115,000 $823 7.36%
    39% 6 $1,310,000 $218,333 $3,522 7.54%
    >60% 6 $7,420,000 $1,236,667 $4,673 7.75%

    Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? 30-36%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $69,490,000 $265,229 $1,795 7.42%
    Not applicable 35 $62,375,000 $1,782,143 $0 6.69%
    Not provided 21 $7,125,000 $339,286 $1,853 7.60%
    Black 12 $2,260,000 $188,333 $1,442 7.61%
    American Indian 5 $2,015,000 $403,000 $4,446 7.30%
    Asian 6 $1,290,000 $215,000 $0 7.71%
    Other Pacific Islander 1 $15,000 $15,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    74.78%

    Bank Rhode Island has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.04%

    Bank Rhode Island has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 342 $144,570,000 $422,719

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    342 $144,570,000 $422,719

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 89 $21,605,000 $242,753 $1,271 7.63%
    40-60% 49 $37,235,000 $759,898 $2,888 7.26%
    60-80% 72 $65,620,000 $911,389 $4,394 7.03%
    80-100% 16 $7,910,000 $494,375 $3,881 6.92%
    Under 20% 116 $12,200,000 $105,172 $120 7.45%