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, Norwich, Boston, Bridgeport, and Worcester among others. We have data for 13 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% 5/4/24
    30 Year Conventional Purchase 6.41% 5/4/24
    30 Year Conventional Refi 6.28% 5/4/24
    15 Year Conventional Purchase 5.57% 5/4/24
    15 Year Conventional Refi 6.08% 5/4/24
    15 Year Cash-out Refi 6.08% 5/4/24
    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

    647

    Origination Dollar Volume (All Markets)

    $277,695,000

    Employee count

    311

    Awards

    Bank Rhode Island 30 Year Conventional Loans bronze
    Show all (1) 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) 614 $245,990,000 $400,635 $2,824 3.44%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $12,735,000 $4,245,000 $3,558 3.54%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 11 $7,735,000 $703,182 $3,493 3.15%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $3,650,000 $1,825,000 $0 3.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 7 $3,025,000 $432,143 $3,220 3.16%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $1,335,000 $1,335,000 $0 3.49%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $680,000 $340,000 $3,858 3.44%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $595,000 $595,000 $5,426 2.50%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $550,000 $275,000 $2,776 2.81%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,312 3.13%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $395,000 $395,000 $0 3.75%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $2,752 3.50%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,400 3.13%
    Bank Rhode Island's top markets include Providence, Norwich, Boston, Bridgeport, and Worcester among others.

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

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Sharon & Crescent United Credit Union
    Similarity Rank: 205
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 407 $228,985,000 $562,617 $2,877 3.37%
    HELOC 240 $48,710,000 $202,958 n/a 3.54%

    For 2021, Bank Rhode Island's most frequently originated type of loan was Conventional, with 407 originations. Their 2nd most popular type was HELOC, with 240 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 324 $144,600,000 $446,296 $2,871 3.33%
    Home Purchase 156 $103,050,000 $660,577 $3,396 3.46%
    Home Improvement 105 $21,205,000 $201,952 $650 3.59%
    Other 62 $8,840,000 $142,581 $618 3.59%

    For 2021, Bank Rhode Island's most frequently cited loan purpose was Refi, with 324 originations. The 2nd most popular reason was Home Purchase, with 156 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30+ year 235 $46,165,000 $196,447 $0 3.53%
    30 Year 229 $90,195,000 $393,865 $3,211 3.34%
    15 Year 81 $26,915,000 $332,284 $2,643 2.89%
    10 Year 64 $67,370,000 $1,052,656 $0 4.06%
    20 Year 19 $6,675,000 $351,316 $2,911 3.21%
    Other 10 $35,610,000 $3,561,000 $0 3.67%
    5 Year 8 $4,190,000 $523,750 $0 3.74%
    3 Year 1 $575,000 $575,000 $0 3.75%

    For 2021, Bank Rhode Island's most frequently cited loan duration was 30+ year, with 235 originations. The 2nd most popular length was 30 Year, with 229 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 262 $99,090,000 $378,206
    $2k-3k 1 $435,000 $435,000
    $3k-4k 1 $705,000 $705,000
    $5k+ 1 $1,005,000 $1,005,000

    Bank Rhode Island's average total fees were $3,211, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 262 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 491 $210,325,000 $428,360
    2.5-3% 75 $27,985,000 $373,133
    4-5% 48 $23,960,000 $499,167
    <2.5% 32 $15,110,000 $472,188
    5-6% 1 $315,000 $315,000

    During 2021, Bank Rhode Island's average interest rate for loans was 3.34%, while their most frequently originated rate bucket for loans was 3-4%, with 491 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 210 $59,050,000 $281,190 $2,866 3.37%
    $100k-200k 148 $20,790,000 $140,473 $2,345 3.38%
    $100,000 or less 116 $7,010,000 $60,431 $462 3.68%
    $400k-600k 75 $36,455,000 $486,067 $3,368 3.33%
    $600k-1MM 53 $40,485,000 $763,868 $3,979 3.39%
    $1MM+ 45 $113,905,000 $2,531,222 $5,869 3.47%

    2021 saw Bank Rhode Island place emphasis on $200k-400k loans with 210 originations, totaling $59,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 127 $31,215,000 $245,787 $2,709 3.38%
    $150k-250k 120 $38,510,000 $320,917 $3,170 3.36%
    $250k+ 109 $60,335,000 $553,532 $3,688 3.29%
    $75k-100k 96 $17,860,000 $186,042 $2,493 3.43%
    $50k-75k 86 $14,850,000 $172,674 $2,446 3.39%
    $50k or less 35 $6,225,000 $177,857 $1,940 3.46%

    Bank Rhode Island lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $150k-250k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 139 $32,395,000 $233,058 $2,560 3.34%
    <20% 82 $26,280,000 $320,488 $2,960 3.38%
    30-36% 80 $20,730,000 $259,125 $2,946 3.36%
    50-60% 42 $18,580,000 $442,381 $3,462 3.32%
    49% 25 $10,975,000 $439,000 $3,337 3.36%
    46% 24 $7,760,000 $323,333 $2,998 3.45%
    42% 23 $6,205,000 $269,783 $2,734 3.55%
    43% 23 $4,975,000 $216,304 $2,556 3.35%
    41% 17 $5,585,000 $328,529 $2,512 3.48%
    38% 16 $3,500,000 $218,750 $2,956 3.30%
    47% 16 $4,600,000 $287,500 $3,355 3.34%
    48% 16 $3,030,000 $189,375 $1,767 3.51%
    39% 14 $5,870,000 $419,286 $3,067 3.36%
    36% 13 $3,855,000 $296,538 $2,851 3.35%
    37% 13 $4,745,000 $365,000 $2,580 3.41%
    45% 12 $2,710,000 $225,833 $2,910 3.24%
    44% 11 $2,395,000 $217,727 $2,856 3.39%
    40% 9 $3,155,000 $350,556 $3,435 3.33%
    >60% 2 $2,190,000 $1,095,000 $4,055 2.94%

    Bank Rhode Island lent most frequently to those with DTI ratios of 20-30%, with 139 originations. The next most common DTI ratio? <20%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 519 $155,985,000 $300,549 $2,906 3.37%
    Not applicable 63 $104,575,000 $1,659,921 $0 3.91%
    Not provided 35 $9,255,000 $264,429 $2,537 3.46%
    Asian 17 $4,565,000 $268,529 $2,816 3.44%
    Black 10 $1,680,000 $168,000 $2,255 3.48%
    American Indian 3 $1,635,000 $545,000 $3,651 3.17%

    Approval Rates

    Total approvals of all applications
    85.88%

    Bank Rhode Island has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.71%

    Bank Rhode Island has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 647 $277,695,000 $429,204

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    647 $277,695,000 $429,204

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 124 $43,400,000 $350,000 $2,288 3.44%
    40-60% 127 $58,725,000 $462,402 $3,052 3.31%
    60-80% 222 $133,560,000 $601,622 $3,208 3.43%
    80-100% 60 $28,780,000 $479,667 $3,222 3.28%
    Under 20% 113 $12,145,000 $107,478 $793 3.64%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    BANCORPSOUTH BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 8.3%
    BANCORPSOUTH BANK Conventional home mortgage Incorrect information on your report 1 8.3%
    BANCORPSOUTH BANK Conventional home mortgage Trouble during payment process 7 58.3%
    BANCORPSOUTH BANK FHA mortgage Trouble during payment process 1 8.3%
    BANCORPSOUTH BANK Other type of mortgage Closing on a mortgage 1 8.3%
    BANCORPSOUTH BANK VA mortgage Struggling to pay mortgage 1 8.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Rhode Island 1 Turks Head Pl Providence, RI 2903 Full Service B&M $497,914
    Bank Rhode Island 1047 Park Avenue Cranston, RI 2910 Full Service B&M $292,918
    Bank Rhode Island 1140 Ten Rod Road North Kingstown, RI 2852 Full Service B&M $133,671
    Bank Rhode Island 1175 Cumberland Hill Road Woonsocket, RI 2895 Full Service B&M $82,445
    Bank Rhode Island 1269 South County Trail East Greenwich, RI 2818 Full Service B&M $130,818
    Bank Rhode Island 1300 Warwick Avenue Warwick, RI 2888 Full Service B&M $116,498
    Bank Rhode Island 132 East Main Road Middletown, RI 2842 Full Service B&M $25,408
    Bank Rhode Island 137 Pitman Street Providence, RI 2906 Full Service B&M $161,670
    Bank Rhode Island 1450 Hartford Avenue Johnston, RI 2919 Full Service B&M $112,174
    Bank Rhode Island 195 Taunton Avenue East Providence, RI 2914 Full Service B&M $104,779
    Bank Rhode Island 2104 Plainfield Pike Cranston, RI 2921 Full Service B&M $38,967
    Bank Rhode Island 265 Jefferson Blvd Warwick, RI 2888 Full Service B&M $197,223
    Bank Rhode Island 290 Main Street Wakefield, RI 2879 Full Service B&M $106,384
    Bank Rhode Island 2975 West Shore Road Warwick, RI 2886 Full Service B&M $93,116
    Bank Rhode Island 3 Coventry Shoppers Park Coventry, RI 2816 Full Service B&M $45,306
    Bank Rhode Island 383 Atwood Avenue Cranston, RI 2920 Full Service B&M $111,274
    Bank Rhode Island 445 Putnam Pike Smithfield, RI 2828 Full Service B&M $141,781
    Bank Rhode Island 499 Smithfield Avenue Pawtucket, RI 2860 Full Service B&M $71,861
    Bank Rhode Island 625b George Washington Highway Lincoln, RI 2865 Full Service B&M $99,497
    Bank Rhode Island 77 Highland Avenue East Providence, RI 2914 Full Service B&M $121,157

    For 2021, Bank Rhode Island had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $101,266
    Net interest income $92,306
    Total noninterest income $12,972
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,607
    Trading account gains and fees $0
    Additional Noninterest Income $10,365
    Pre-tax net operating income $51,959
    Securities gains (or losses, -) $-274
    Income before extraordinary items $38,980
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $38,980
    Minority interest net income $0
    Net income $38,980
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $39,196

    Bank Rhode Island's gross interest income from loans was $101,266,000.
    Bank Rhode Island's net interest income from loans was $92,306,000.
    Bank Rhode Island's fee based income from loans was $2,607,000.
    Bank Rhode Island's net income from loans was $38,980,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,960
    Provision for credit losses $-3,362
    Total noninterest expense $56,681
    Salaries and employee benefits $35,775
    Premises and equipment expense $6,473
    Additional noninterest expense $14,433
    Applicable income taxes $12,705
    Net charge-offs $1,673
    Cash dividends $18,000

    Bank Rhode Island's interest expense for loans was $8,960,000.
    Bank Rhode Island's payroll and benefits expense were $35,775,000.
    Bank Rhode Island's property, plant and equipment expenses $6,473,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    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 $2,679,977
    Deposits held in domestic offices $2,679,977
    Deposits by Individuals, partnerships, and corporations $2,576,802
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $102,597
    Deposits by Commercial banks and other depository institutions in U.S. $578
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $407,811
    Demand deposits $351,808
    Nontransaction accounts $2,272,166
    Money market deposit accounts (MMDAs) $743,956
    Other savings deposits (excluding MMDAs) $1,207,373
    Total time deposits $320,837
    Total time and savings deposits $2,328,169
    Noninterest-bearing deposits $879,154
    Interest-bearing deposits $1,800,823
    Retail deposits $2,563,013
    IRAs and Keogh plan accounts $45,051
    Brokered deposits $10,145
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,188,881
    Cash & Balances due from depository institutions $142,767
    Interest-bearing balances $115,760
    Total securities $385,211
    Federal funds sold & reverse repurchase $200,000
    Net loans and leases $2,251,615
    Loan and leases loss allowance $30,675
    Trading account assets $12,196
    Bank premises and fixed assets $25,128
    Other real estate owned $0
    Goodwill and other intangibles $93,937
    All other assets $78,027

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,188,881
    Total Liabilities $2,834,520
    Total deposits $2,679,977
    Interest-bearing deposits $1,800,823
    Deposits held in domestic offices $2,679,977
    % insured (estimated) $53
    Federal funds purchased and repurchase agreements $84,563
    Trading liabilities $12,259
    Other borrowed funds $12,154
    Subordinated debt $0
    All other liabilities $45,567

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,251,615
    Loan and leases loss allowance $30,675
    Total loans and leases (domestic) $2,282,290
    All real estate loans $1,692,728
    Real estate loans in domestic offices $1,692,728
    Construction and development loans $72,278
    Residential 1-4 family construction $4,512
    Other construction, all land development and other land $67,766
    Loans secured by nonfarm nonresidential properties $940,804
    Nonfarm nonresidential secured by owner-occupied properties $359,316
    Commercial real estate & other non-farm, non-residential $581,488
    Multifamily residential real estate $265,613
    1-4 family residential loans $414,033
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $524,195
    To non-U.S. addressees $0
    Loans to individuals $802
    Credit card loans $0
    Related Plans $407
    Consumer Auto Loans $0
    Other loans to individuals $395
    All other loans & leases $64,565
    Loans to foreign governments and official institutions $0
    Other loans $618
    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 $5,226
    Non 1-4 family restructured loans & leases $3,932
    Total loans and leases (foreign) $0

    Bank Rhode Island had $2,251,615,000 of loans outstanding in 2021. $1,692,728,000 of loans were in real estate loans. $72,278,000 of loans were in development loans. $265,613,000 of loans were in multifamily mortgage loans. $414,033,000 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 492 $164,470 $334,289
    Nonfarm, nonresidential loans - <$100k 20 $1,069 $53,450
    Nonfarm, nonresidential loans - $100-250k 129 $17,076 $132,372
    Nonfarm, nonresidential loans - $250k-1MM 343 $146,325 $426,603
    Commercial & Industrial, US addressed loans - <$1MM 1,127 $74,175 $65,816
    Commercial & Industrial, US addressed loans - <$100k 646 $9,054 $14,015
    Commercial & Industrial, US addressed loans - $100-250k 234 $14,900 $63,675
    Commercial & Industrial, US addressed loans - $250k-1MM 247 $50,221 $203,324