Bank Rhode Island Mortgage Rates, Fees & Info

Providence, RI

LEI: 562V2SM4I80MJO5HYB83

Tax ID: 05-0488784

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Bridgeport, Boston, Miami, and Springfield 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.01% 11/21/24
    30 Year Conventional Purchase 6.41% 11/21/24
    30 Year Conventional Refi 6.28% 11/21/24
    15 Year Conventional Purchase 5.57% 11/21/24
    15 Year Conventional Refi 6.08% 11/21/24
    15 Year Cash-out Refi 6.08% 11/21/24
    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

    596

    Origination Dollar Volume (All Markets)

    $179,160,000

    Employee count

    290

    Awards

    Bank Rhode Island 30 Year Conventional Loans bronze Bank Rhode Island 30 Year Conventional Loans gold Bank Rhode Island 30 Year Conventional Loans gold
    Show all (3) awards

    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) 560 $160,600,000 $286,786 $1,782 4.45%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $6,325,000 $2,108,333 $0 4.46%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 15 $4,925,000 $328,333 $1,610 4.19%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $3,455,000 $1,151,667 $1,684 5.04%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $865,000 $865,000 $0 5.25%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $805,000 $161,000 $1,295 4.47%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $620,000 $155,000 $0 4.55%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $505,000 $505,000 $0 5.15%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $505,000 $505,000 $3,371 3.75%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $225,000 $225,000 $3,337 3.13%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.24%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,272 3.75%
    Bank Rhode Island's top markets include Providence, Bridgeport, Boston, Miami, and Springfield among others.

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    Sharon & Crescent United Credit Union
    Similarity Rank: 140
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 168
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 189
    UniBank for Savings
    Similarity Rank: 234

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 336 $49,550,000 $147,470 n/a 4.47%
    Conventional 260 $129,610,000 $498,500 $1,772 4.42%

    For 2018, Bank Rhode Island's most frequently originated type of loan was HELOC, with 336 originations. Their 2nd most popular type was Conventional, with 260 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 261 $103,315,000 $395,843 $1,618 4.45%
    Other 117 $14,055,000 $120,128 $464 4.38%
    Home Improvement 114 $16,030,000 $140,614 $105 4.49%
    Home Purchase 103 $45,655,000 $443,252 $3,420 4.45%
    Cash Out Refi 1 $105,000 $105,000 $0 6.17%

    For 2018, Bank Rhode Island's most frequently cited loan purpose was Refi, with 261 originations. The 2nd most popular reason was Other, with 117 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 333 $49,315,000 $148,093 $0 4.43%
    30 Year 105 $35,935,000 $342,238 $3,218 3.78%
    10 Year 78 $68,150,000 $873,718 $0 5.17%
    15 Year 41 $6,655,000 $162,317 $57 4.45%
    5 Year 24 $840,000 $35,000 $0 3.99%
    Other 12 $16,250,000 $1,354,167 $0 6.45%
    3 Year 3 $2,015,000 $671,667 $0 6.17%

    For 2018, Bank Rhode Island's most frequently cited loan duration was 30+ year, with 333 originations. The 2nd most popular length was 30 Year, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 180 $37,310,000 $207,278
    $1k-2k 6 $1,110,000 $185,000
    $3k-4k 2 $1,230,000 $615,000
    $2k-3k 1 $375,000 $375,000
    $4k-5k 1 $755,000 $755,000
    $5k+ 1 $1,405,000 $1,405,000

    Bank Rhode Island's average total fees were $3,218, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 180 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 370 $72,120,000 $194,919
    3-4% 165 $41,705,000 $252,758
    5-6% 43 $58,205,000 $1,353,605
    6-7% 16 $6,990,000 $436,875
    Over 8% 2 $140,000 $70,000

    During 2018, Bank Rhode Island's average interest rate for loans was 3.78%, while their most frequently originated rate bucket for loans was 4-5%, with 370 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 216 $11,360,000 $52,593 $159 4.44%
    $100k-200k 180 $25,400,000 $141,111 $1,897 4.44%
    $200k-400k 109 $29,105,000 $267,018 $2,942 4.33%
    $400k-600k 42 $20,380,000 $485,238 $3,292 4.37%
    $600k-1MM 28 $21,500,000 $767,857 $4,382 4.89%
    $1MM+ 21 $71,415,000 $3,400,714 $6,562 4.75%

    2018 saw Bank Rhode Island place emphasis on $100,000 or less loans with 216 originations, totaling $11,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 105 $12,425,000 $118,333 $1,106 4.29%
    $100k-150k 101 $15,635,000 $154,802 $1,144 4.32%
    $75k-100k 96 $11,610,000 $120,938 $1,474 4.42%
    $50k or less 75 $8,415,000 $112,200 $1,259 4.44%
    $150k-250k 74 $15,940,000 $215,405 $1,990 4.33%
    $250k+ 73 $31,215,000 $427,603 $3,776 4.27%

    Bank Rhode Island lent most frequently to those with incomes in the $50k-75k range, with 105 originations. The second most popular income band? $100k-150k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 126 $18,830,000 $149,444 $1,746 4.28%
    30-36% 89 $14,605,000 $164,101 $1,642 4.34%
    <20% 63 $18,375,000 $291,667 $2,259 4.24%
    49% 39 $4,905,000 $125,769 $1,320 4.30%
    48% 24 $3,410,000 $142,083 $690 4.42%
    47% 22 $3,320,000 $150,909 $482 4.44%
    50-60% 20 $2,970,000 $148,500 $1,108 4.63%
    39% 20 $3,230,000 $161,500 $2,417 4.24%
    44% 20 $3,910,000 $195,500 $1,149 4.18%
    37% 16 $2,870,000 $179,375 $2,762 4.29%
    38% 15 $2,125,000 $141,667 $810 4.29%
    43% 13 $1,725,000 $132,692 $1,760 4.30%
    46% 13 $3,175,000 $244,231 $3,451 4.16%
    36% 11 $1,565,000 $142,273 $3,069 4.43%
    42% 10 $1,810,000 $181,000 $1,871 4.39%
    45% 8 $2,160,000 $270,000 $2,860 4.46%
    41% 8 $810,000 $101,250 $1,300 4.23%
    40% 7 $1,185,000 $169,286 $684 4.18%

    Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 126 originations. The next most common DTI ratio? 30-36%, with 89 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 487 $97,335,000 $199,867 $1,743 4.35%
    Not applicable 51 $71,735,000 $1,406,569 $0 5.51%
    Not provided 35 $7,435,000 $212,429 $3,086 4.12%
    Asian 12 $1,770,000 $147,500 $1,120 4.74%
    Black 6 $510,000 $85,000 $0 4.53%
    American Indian 4 $310,000 $77,500 $0 4.37%
    Other Pacific Islander 1 $65,000 $65,000 $0 4.60%

    Approval Rates

    Total approvals of all applications
    77.27%

    Bank Rhode Island has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.25%

    Bank Rhode Island has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 596 $179,160,000 $300,604

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 41 $75,625,000 $1,844,512
    Single Family (1-4 Units):Site-Built 555 $103,535,000 $186,550

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 163 $21,725,000 $133,282 $696 4.46%
    40-60% 105 $38,405,000 $365,762 $1,826 4.46%
    60-80% 162 $95,250,000 $587,963 $2,983 4.48%
    80-100% 34 $15,210,000 $447,353 $3,799 4.15%
    Under 20% 132 $8,570,000 $64,924 $0 4.46%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANCORPSOUTH BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    BANCORPSOUTH BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%
    BANCORPSOUTH BANK FHA mortgage Trouble during payment process 1 16.7%
    BANCORPSOUTH BANK Other type of mortgage Struggling to pay mortgage 1 16.7%
    BANCORPSOUTH BANK Other type of mortgage Trouble during payment process 1 16.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Rhode Island 1047 Park Avenue Cranston, RI 2910 Full Service B&M $155,948
    Bank Rhode Island 1140 Ten Rod Road North Kingstown, RI 2852 Full Service B&M $77,685
    Bank Rhode Island 1175 Cumberland Hill Road Woonsocket, RI 2895 Full Service B&M $52,138
    Bank Rhode Island 1269 South County Trail East Greenwich, RI 2818 Full Service B&M $80,130
    Bank Rhode Island 1300 Warwick Avenue Warwick, RI 2888 Full Service B&M $99,664
    Bank Rhode Island 132 East Main Road Middletown, RI 2842 Full Service B&M $12,072
    Bank Rhode Island 137 Pitman Street Providence, RI 2906 Full Service B&M $123,466
    Bank Rhode Island 1450 Hartford Avenue Johnston, RI 2919 Full Service B&M $81,002
    Bank Rhode Island 195 Taunton Avenue East Providence, RI 2914 Full Service B&M $87,912
    Bank Rhode Island 2104 Plainfield Pike Cranston, RI 2921 Full Service B&M $14,787
    Bank Rhode Island 265 Jefferson Blvd Warwick, RI 2888 Full Service B&M $65,771
    Bank Rhode Island 290 Main Street Wakefield, RI 2879 Full Service B&M $48,048
    Bank Rhode Island 2975 West Shore Road Warwick, RI 2886 Full Service B&M $69,368
    Bank Rhode Island 3 Coventry Shoppers Park Coventry, RI 2816 Full Service B&M $27,585
    Bank Rhode Island 383 Atwood Avenue Cranston, RI 2920 Full Service B&M $77,735
    Bank Rhode Island 445 Putnam Pike Smithfield, RI 2828 Full Service B&M $124,009
    Bank Rhode Island 499 Smithfield Avenue Pawtucket, RI 2860 Full Service B&M $42,395
    Bank Rhode Island 625b George Washington Highway Lincoln, RI 2865 Full Service B&M $60,102
    Bank Rhode Island 77 Highland Avenue East Providence, RI 2914 Full Service B&M $76,271
    Bank Rhode Island One Turks Head Place Providence, RI 2903 Full Service B&M $312,983

    For 2018, Bank Rhode Island had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $88,996
    Net interest income $72,721
    Total noninterest income $11,941
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $3,117
    Trading account gains and fees $1,747
    Additional Noninterest Income $7,077
    Pre-tax net operating income $30,847
    Securities gains (or losses, -) $3
    Income before extraordinary items $23,604
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $23,604
    Minority interest net income $0
    Net income $23,604
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $23,601

    Bank Rhode Island's gross interest income from loans was $88,996,000.
    Bank Rhode Island's net interest income from loans was $72,721,000.
    Bank Rhode Island's fee based income from loans was $3,117,000.
    Bank Rhode Island's net income from loans was $23,604,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $16,275
    Provision for credit losses $1,309
    Total noninterest expense $52,506
    Salaries and employee benefits $31,021
    Premises and equipment expense $6,844
    Additional noninterest expense $14,641
    Applicable income taxes $7,246
    Net charge-offs $-466
    Cash dividends $8,000

    Bank Rhode Island's interest expense for loans was $16,275,000.
    Bank Rhode Island's payroll and benefits expense were $31,021,000.
    Bank Rhode Island's property, plant and equipment expenses $6,844,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,711,403
    Deposits held in domestic offices $1,711,403
    Deposits by Individuals, partnerships, and corporations $1,663,341
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $48,024
    Deposits by Commercial banks and other depository institutions in U.S. $38
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $210,455
    Demand deposits $180,595
    Nontransaction accounts $1,500,948
    Money market deposit accounts (MMDAs) $414,235
    Other savings deposits (excluding MMDAs) $678,092
    Total time deposits $408,621
    Total time and savings deposits $1,530,808
    Noninterest-bearing deposits $447,132
    Interest-bearing deposits $1,264,271
    Retail deposits $1,527,338
    IRAs and Keogh plan accounts $40,881
    Brokered deposits $79,636
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,340,624
    Cash & Balances due from depository institutions $40,375
    Interest-bearing balances $10,822
    Total securities $274,060
    Federal funds sold & reverse repurchase $7,438
    Net loans and leases $1,820,500
    Loan and leases loss allowance $17,469
    Trading account assets $4,816
    Bank premises and fixed assets $17,554
    Other real estate owned $401
    Goodwill and other intangibles $96,292
    All other assets $79,188

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,340,624
    Total Liabilities $2,040,784
    Total deposits $1,711,403
    Interest-bearing deposits $1,264,271
    Deposits held in domestic offices $1,711,403
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $42,048
    Trading liabilities $4,305
    Other borrowed funds $246,592
    Subordinated debt $0
    All other liabilities $36,436

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,820,500
    Loan and leases loss allowance $17,469
    Total loans and leases (domestic) $1,837,969
    All real estate loans $1,359,328
    Real estate loans in domestic offices $1,359,328
    Construction and development loans $51,522
    Residential 1-4 family construction $3,008
    Other construction, all land development and other land $48,514
    Loans secured by nonfarm nonresidential properties $748,210
    Nonfarm nonresidential secured by owner-occupied properties $242,952
    Commercial real estate & other non-farm, non-residential $505,258
    Multifamily residential real estate $220,710
    1-4 family residential loans $338,886
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $414,988
    To non-U.S. addressees $0
    Loans to individuals $1,051
    Credit card loans $0
    Related Plans $645
    Consumer Auto Loans $0
    Other loans to individuals $406
    All other loans & leases $62,602
    Loans to foreign governments and official institutions $0
    Other loans $197
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,246
    Non 1-4 family restructured loans & leases $5,279
    Total loans and leases (foreign) $0

    Bank Rhode Island had $1,820,500,000 of loans outstanding in 2018. $1,359,328,000 of loans were in real estate loans. $51,522,000 of loans were in development loans. $220,710,000 of loans were in multifamily mortgage loans. $338,886,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 500 $153,430 $306,860
    Nonfarm, nonresidential loans - <$100k 28 $1,506 $53,786
    Nonfarm, nonresidential loans - $100-250k 138 $17,600 $127,536
    Nonfarm, nonresidential loans - $250k-1MM 334 $134,324 $402,168
    Commercial & Industrial, US addressed loans - <$1MM 1,171 $82,366 $70,338
    Commercial & Industrial, US addressed loans - <$100k 740 $14,349 $19,391
    Commercial & Industrial, US addressed loans - $100-250k 226 $18,561 $82,128
    Commercial & Industrial, US addressed loans - $250k-1MM 205 $49,456 $241,249