Bank Rhode Island Mortgage Rates, Fees & Info
Providence, RILEI: 562V2SM4I80MJO5HYB83
Tax ID: 05-0488784
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.01% | 4/19/24 |
| 30 Year Conventional Purchase | 6.41% | 4/19/24 |
| 30 Year Conventional Refi | 6.28% | 4/19/24 |
| 15 Year Conventional Purchase | 5.57% | 4/19/24 |
| 15 Year Conventional Refi | 6.08% | 4/19/24 |
| 15 Year Cash-out Refi | 6.08% | 4/19/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
342Origination Dollar Volume (All Markets)
$144,570,000Awards
Bank Rhode Island - 2023
Bank Rhode Island is a 2023 , due to their low .
For 2023, 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
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% |
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: 32
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 50
Similarity Rank: 96
Similarity Rank: 124
Similarity Rank: 135
Similarity Rank: 136
Similarity Rank: 168
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
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
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
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
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
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
Approval Rates
Total approvals of all applications74.78%
Bank Rhode Island has a below average approval rate.
Pick Rate
Approvals leading to origination83.04%
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 |