Rhode Island VA Loan Rates, Closing Costs & Stats
Rhode Island
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who
have served or are presently serving in the U.S. military. The VA does not directly lend,
it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will
also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan,
it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out
refis.
For additional benefits of VA loans, click here.
Rhode Island VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Rhode Island
averaged
6.45%
for the week of 2023-03-17, compared to the national average (all VA variants) of
6.138% for the same period.
Rhode Island's average VA mortgage closing costs are $5,756.
The average rate for the prior week (2023-03-10) was
6.53% and
one month ago for the week of 2023-02-10, the
average rate was 6.35%.
The average rate one year ago was 4.05%.
For refis of the same type during the week of 2023-03-17, the average rate
was 6.51%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Rhode Island VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Rhode Island level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Closing Costs |
Mortgage Research Center, LLC
|
245
|
2.80%
|
$6,528
|
QUICKEN LOANS, LLC
|
218
|
2.48%
|
$4,784
|
NAVY FEDERAL CREDIT UNION
|
130
|
2.47%
|
$6,567
|
MOVEMENT MORTGAGE, LLC
|
127
|
2.71%
|
$7,070
|
FREEDOM MORTGAGE CORPORATION
|
117
|
2.41%
|
$3,611
|
PENNYMAC LOAN SERVICES, LLC
|
117
|
2.40%
|
$5,673
|
LAKEVIEW LOAN SERVICING, LLC
|
78
|
2.48%
|
$2,938
|
The Federal Savings Bank
|
67
|
2.50%
|
$6,760
|
USAA Federal Savings Bank
|
61
|
2.87%
|
$6,647
|
LOANDEPOT.COM, LLC
|
60
|
2.60%
|
$4,912
|
CALIBER HOME LOANS, INC.
|
50
|
2.49%
|
$6,295
|
CROSSCOUNTRY MORTGAGE, LLC
|
48
|
2.74%
|
$7,848
|
UNITED WHOLESALE MORTGAGE, LLC
|
43
|
2.50%
|
$6,400
|
Citizens Bank
|
41
|
2.62%
|
$6,945
|
GUARANTEED RATE, INC.
|
38
|
2.56%
|
$6,138
|
Mr. Cooper ( Nationstar Mortgage )
|
36
|
2.64%
|
$5,205
|
Northpointe Bank
|
36
|
2.70%
|
$6,667
|
HOME POINT FINANCIAL CORPORATION
|
34
|
2.42%
|
$5,663
|
RESIDENTIAL MORTGAGE SERVICES, INC.
|
32
|
2.59%
|
$7,572
|
NEWREZ LLC
|
32
|
2.60%
|
$5,446
|
EMBRACE HOME LOANS, INC.
|
30
|
2.40%
|
$5,447
|
Shamrock Home Loans, Inc.
|
27
|
2.69%
|
$6,413
|
HARBORONE MORTGAGE, LLC
|
25
|
2.81%
|
$5,825
|
VILLAGE CAPITAL MORTGAGE
|
23
|
2.34%
|
$2,953
|
Home Loan Investment Bank, F.S.B.
|
23
|
2.63%
|
$7,352
|
GUARANTEED RATE AFFINITY, LLC
|
23
|
2.72%
|
$4,973
|
Nations Lending Corporation
|
21
|
3.15%
|
$8,402
|
TOTAL MORTGAGE SERVICES, LLC
|
21
|
2.83%
|
$8,907
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
19
|
3.03%
|
$5,319
|
Wells Fargo Bank
|
17
|
2.55%
|
$3,665
|
Low VA Rates, LLC
|
16
|
2.25%
|
$4,934
|
AMERISAVE MORTGAGE CORPORATION
|
16
|
2.57%
|
$7,521
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
15
|
3.06%
|
$7,001
|
Flagstar Bank, FSB
|
14
|
2.56%
|
$5,409
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
14
|
3.28%
|
$6,686
|
NFM, INC.
|
14
|
3.06%
|
$7,187
|
PENTAGON FEDERAL CREDIT UNION
|
13
|
2.37%
|
$5,206
|
FIRST HOME MORTGAGE CORPORATION
|
13
|
2.78%
|
$6,968
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
12
|
2.59%
|
$8,307
|
North American Savings Bank, F.S.B.
|
11
|
2.36%
|
$3,729
|
AMERICAN FINANCIAL NETWORK, INC.
|
11
|
2.60%
|
$5,885
|
Magnolia Bank
|
11
|
2.49%
|
$10,367
|
Carrington Mortgage Services, LLC
|
11
|
2.86%
|
$5,394
|
Barrington Bank & Trust Company, N.A.
|
10
|
2.66%
|
$7,324
|
Atlantic Home Loans, Inc.
|
10
|
2.74%
|
$5,992
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
10
|
2.53%
|
$7,390
|
STEARNS LENDING, LLC
|
9
|
2.25%
|
$2,634
|
First Home Bank
|
9
|
2.54%
|
$4,787
|
BROKER SOLUTIONS, INC.
|
8
|
2.55%
|
$7,659
|
First Guaranty Mortgage Corporation
|
8
|
2.48%
|
$3,378
|
NP, Inc.
|
8
|
2.27%
|
$4,205
|
Paramount Residential Mortgage Group, Inc.
|
7
|
2.57%
|
$4,448
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
7
|
2.77%
|
$8,968
|
Envision Bank
|
7
|
2.38%
|
$6,914
|
BNC National Bank
|
7
|
2.29%
|
$4,955
|
First Federal Bank
|
7
|
3.09%
|
$8,246
|
NBKC BANK
|
7
|
2.39%
|
$3,114
|
KS StateBank
|
6
|
2.48%
|
$9,446
|
PLANET HOME LENDING, LLC
|
6
|
2.83%
|
$3,333
|
ENVOY MORTGAGE, LTD
|
6
|
2.83%
|
$6,006
|
CMG MORTGAGE, INC.
|
5
|
2.30%
|
$11,076
|
NORTHPOINT MORTGAGE, INC.
|
5
|
2.78%
|
$9,530
|
Sierra Pacific Mortgage Company, Inc.
|
4
|
2.91%
|
$5,372
|
NORWICH COMMERCIAL GROUP, INC.
|
4
|
2.66%
|
$4,187
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
2.38%
|
$3,048
|
The Washington Trust Company, of Westerly
|
4
|
2.53%
|
$8,168
|
CHURCHILL MORTGAGE CORPORATION
|
4
|
2.41%
|
$9,357
|
Wyndham Capital Mortgage, Inc.
|
3
|
2.42%
|
$4,805
|
M&T Bank
|
3
|
2.33%
|
$3,567
|
Prosperity Home Mortgage, LLC
|
3
|
2.63%
|
$13,132
|
Fall River Five Cents Savings Bank
|
2
|
2.38%
|
$6,774
|
OCMBC, INC.
|
2
|
2.88%
|
$10,379
|
Evolve Bank & Trust
|
2
|
2.63%
|
$2,723
|
RADIUS FINANCIAL GROUP INC.
|
2
|
2.19%
|
$5,507
|
RELIANCE FIRST CAPITAL, LLC
|
2
|
2.63%
|
$6,318
|
PLAZA HOME MORTGAGE, INC.
|
2
|
2.88%
|
$4,960
|
GUILD MORTGAGE COMPANY
|
2
|
2.69%
|
$17,634
|
BAYSHORE MORTGAGE FUNDING, LLC
|
2
|
2.69%
|
$5,853
|
Santander Bank, N.A.
|
2
|
2.69%
|
$2,327
|
Bank of America
|
2
|
2.94%
|
$3,272
|
U.S. Bank
|
2
|
2.69%
|
$8,617
|
Network Funding, L.P.
|
2
|
2.81%
|
$8,014
|
CONTOUR MORTGAGE CORPORATION
|
2
|
2.25%
|
$3,380
|
FINANCE OF AMERICA MORTGAGE LLC
|
2
|
2.56%
|
$2,729
|
Prime Choice Funding Inc.
|
2
|
2.25%
|
$3,561
|
PNC Bank
|
1
|
3.00%
|
$12,002
|
Presidential Bank, FSB
|
1
|
2.25%
|
$1,039
|
Equity Prime Mortgage LLC
|
1
|
3.25%
|
$7,681
|
AMERICAN FINANCING CORPORATION
|
1
|
2.88%
|
$5,381
|
EMM LOANS LLC
|
1
|
2.50%
|
$3,510
|
Eastern Bank
|
1
|
2.50%
|
$4,269
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
3.13%
|
$3,507
|
Rockland Trust Company
|
1
|
2.25%
|
$3,769
|
Core Bank
|
1
|
2.25%
|
$5,165
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
2.25%
|
$2,562
|
Community First National Bank
|
1
|
2.50%
|
$3,028
|
Strong Home Mortgage, LLC
|
1
|
2.75%
|
$658
|
Sunflower Bank
|
1
|
2.25%
|
$3,304
|
Century Mortgage Company DBA Century Lending Company
|
1
|
2.25%
|
$3,558
|
The Camden National Bank
|
1
|
2.38%
|
$3,207
|
The Central Trust Bank
|
1
|
2.25%
|
$1,116
|
CELEBRITY HOME LOANS, LLC
|
1
|
3.00%
|
$8,317
|
Capital Bank
|
1
|
2.50%
|
$1,641
|
Bank of England
|
1
|
2.75%
|
$3,858
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
2.25%
|
$3,404
|
AmeriHome Mortgage Company, LLC
|
1
|
2.63%
|
$3,750
|
WESTERLY COMMUNITY
|
1
|
2.25%
|
$3,795
|
Mortgage Network, Inc.
|
1
|
2.88%
|
$3,159
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
2.38%
|
$4,399
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
2.25%
|
$7,842
|
MID AMERICA MORTGAGE, INC.
|
1
|
2.25%
|
$988
|
Meridian Bank Corporation
|
1
|
2.38%
|
$2,418
|
NEW FED MORTGAGE, CORP.
|
1
|
2.63%
|
$14,027
|
Leader Bank
|
1
|
2.25%
|
$0
|
HOMESTEAD FUNDING CORP.
|
1
|
2.38%
|
$1,186
|
Goldwater Bank, N.A.
|
1
|
2.38%
|
$3,380
|
FIRST WORLD MORTGAGE CORPORATION
|
1
|
2.38%
|
$12,243
|
First Savings Bank
|
1
|
2.25%
|
$2,161
|
First Federal Bank of Kansas City
|
1
|
2.25%
|
$2,363
|
OCEAN STATE CREDIT UNION
|
1
|
2.88%
|
$2,237
|
Paramount Bank
|
1
|
2.50%
|
$3,112
|
FirstBank
|
1
|
2.25%
|
$16,930
|
Peoples Bank
|
1
|
2.63%
|
$4,013
|
The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with
245 VA loans originated. Their average total fees are
$6,528, which is $1,744
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Rhode Island VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,938), VILLAGE CAPITAL MORTGAGE ($2,953), FREEDOM MORTGAGE CORPORATION ($3,611), Wells Fargo Bank ($3,665) and North American Savings Bank, F.S.B. ($3,729).
The lowest rate Rhode Island VA lenders (with over 10 loans originated) are
Low VA Rates, LLC (2.25%), VILLAGE CAPITAL MORTGAGE (2.34%), North American Savings Bank, F.S.B. (2.36%), PENTAGON FEDERAL CREDIT UNION (2.37%) and PENNYMAC LOAN SERVICES, LLC (2.40%).
VA Loan Features
No down payment required
Negotiable and competitive interest rate.
Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent
and exemption for veterans receiving VA compensation).
VA rules limit the amount you can be charged for closing costs.
Closing costs are comparable with other financing types (and may be lower).
Closing costs may be paid by the seller.
No private mortgage insurance premiums are required.
An assumable mortgage.
Right to prepay your mortgage without penalty.
For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain
cooperation of builder.
VA assistance to veteran borrowers in default due to temporary financial difficulty.