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
6.43%
for the week of 2023-09-22, compared to the national average (all VA variants) of
6.823% for the same period.
Rhode Island's average VA mortgage closing costs are $6,319.
The average rate for the prior week (2023-09-15) was
6.31% and
one month ago for the week of 2023-08-18, the
average rate was 6.39%.
The average rate one year ago was 5.55%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.51%.
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 |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
Mortgage Research Center, LLC
|
143
|
4.93%
|
$8,600
|
QUICKEN LOANS, LLC
|
81
|
3.77%
|
$12,661
|
NAVY FEDERAL CREDIT UNION
|
80
|
4.05%
|
$9,176
|
MOVEMENT MORTGAGE, LLC
|
78
|
4.30%
|
$9,278
|
FREEDOM MORTGAGE CORPORATION
|
47
|
3.79%
|
$9,707
|
USAA Federal Savings Bank
|
37
|
4.45%
|
$12,226
|
UNITED WHOLESALE MORTGAGE, LLC
|
34
|
4.92%
|
$10,160
|
Northpointe Bank
|
32
|
4.75%
|
$10,126
|
LOANDEPOT.COM, LLC
|
29
|
3.91%
|
$10,627
|
PENNYMAC LOAN SERVICES, LLC
|
27
|
3.31%
|
$9,373
|
GUARANTEED RATE, INC.
|
27
|
4.17%
|
$15,394
|
The Federal Savings Bank
|
24
|
4.83%
|
$15,907
|
GUILD MORTGAGE COMPANY
|
20
|
5.21%
|
$9,630
|
NEWREZ LLC
|
20
|
4.43%
|
$8,806
|
Semper Home Loans, Inc.
|
19
|
5.38%
|
$11,498
|
CALIBER HOME LOANS, INC.
|
16
|
4.34%
|
$8,735
|
LAKEVIEW LOAN SERVICING, LLC
|
16
|
3.50%
|
$5,403
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
16
|
5.08%
|
$7,266
|
CROSSCOUNTRY MORTGAGE, LLC
|
15
|
4.49%
|
$8,609
|
NFM, INC.
|
14
|
4.88%
|
$8,861
|
EMBRACE HOME LOANS, INC.
|
13
|
4.35%
|
$14,906
|
Citizens Bank
|
12
|
4.08%
|
$7,388
|
Shamrock Home Loans, Inc.
|
12
|
4.70%
|
$7,736
|
Home Loan Investment Bank, F.S.B.
|
11
|
4.55%
|
$10,658
|
GUARANTEED RATE AFFINITY, LLC
|
11
|
5.05%
|
$7,413
|
HOME POINT FINANCIAL CORPORATION
|
10
|
3.82%
|
$9,462
|
Flagstar Bank, FSB
|
10
|
5.05%
|
$9,932
|
AMERISAVE MORTGAGE CORPORATION
|
10
|
4.21%
|
$15,965
|
PROVINCE MORTGAGE ASSOCIATES, INC.
|
8
|
5.33%
|
$8,516
|
Mr. Cooper ( Nationstar Mortgage )
|
8
|
4.89%
|
$12,639
|
Barrington Bank & Trust Company, N.A.
|
8
|
4.34%
|
$13,252
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
7
|
4.84%
|
$6,747
|
The Washington Trust Company, of Westerly
|
7
|
3.71%
|
$8,027
|
VILLAGE CAPITAL MORTGAGE
|
7
|
4.09%
|
$13,143
|
HARBORONE MORTGAGE, LLC
|
6
|
4.90%
|
$4,735
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
5
|
3.87%
|
$6,628
|
Equity Prime Mortgage LLC
|
5
|
4.80%
|
$11,034
|
BROKER SOLUTIONS, INC.
|
4
|
3.81%
|
$10,803
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
4
|
4.66%
|
$7,255
|
Princeton Mortgage Corporation
|
4
|
4.63%
|
$16,245
|
Carrington Mortgage Services, LLC
|
4
|
4.38%
|
$8,183
|
Mortgage Network, Inc.
|
4
|
4.63%
|
$10,413
|
EVERETT FINANCIAL, INC.
|
4
|
5.38%
|
$1,889
|
BNC National Bank
|
4
|
4.56%
|
$10,178
|
Wyndham Capital Mortgage, Inc.
|
3
|
3.00%
|
$11,263
|
EQUITY RESOURCES, INC.
|
3
|
3.29%
|
$5,120
|
Nations Lending Corporation
|
3
|
5.25%
|
$13,757
|
OCMBC, INC.
|
3
|
5.58%
|
$10,477
|
Paramount Residential Mortgage Group, Inc.
|
3
|
4.71%
|
$18,050
|
PENTAGON FEDERAL CREDIT UNION
|
3
|
3.96%
|
$6,333
|
Sierra Pacific Mortgage Company, Inc.
|
3
|
5.42%
|
$12,705
|
TOTAL MORTGAGE SERVICES, LLC
|
3
|
4.00%
|
$13,550
|
North American Savings Bank, F.S.B.
|
2
|
4.19%
|
$19,989
|
RELIANCE FIRST CAPITAL, LLC
|
2
|
6.56%
|
$7,096
|
Envision Bank
|
2
|
4.31%
|
$9,181
|
AMERICAN FINANCING CORPORATION
|
2
|
5.50%
|
$29,344
|
NBKC BANK
|
2
|
4.25%
|
$7,727
|
CARDINAL FINANCIAL
|
2
|
3.87%
|
$10,025
|
Magnolia Bank
|
2
|
3.75%
|
$9,661
|
Service Federal Credit Union
|
2
|
3.69%
|
$3,159
|
CMG MORTGAGE, INC.
|
2
|
3.81%
|
$17,717
|
Prosperity Home Mortgage, LLC
|
2
|
3.44%
|
$17,641
|
EMM LOANS LLC
|
2
|
4.56%
|
$2,686
|
First Federal Bank
|
2
|
3.88%
|
$11,659
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
5.25%
|
$4,646
|
Century Mortgage Company DBA Century Lending Company
|
1
|
4.75%
|
$16,297
|
RADIUS FINANCIAL GROUP INC.
|
1
|
5.13%
|
$3,020
|
SALEM FIVE MORTGAGE COMPANY, LLC
|
1
|
4.75%
|
$11,221
|
Santander Bank, N.A.
|
1
|
2.50%
|
$13,434
|
BAY EQUITY LLC
|
1
|
4.99%
|
$4,761
|
WESTERLY COMMUNITY
|
1
|
4.13%
|
$3,736
|
T2 FINANCIAL LLC
|
1
|
3.25%
|
$5,214
|
Texana Bank
|
1
|
4.38%
|
$9,141
|
The Central Trust Bank
|
1
|
5.25%
|
$12,598
|
Bank of England
|
1
|
6.25%
|
$26,859
|
Bank of America
|
1
|
3.38%
|
$7,810
|
Armed Forces Bank
|
1
|
4.00%
|
$7,350
|
ARC HOME LLC
|
1
|
6.50%
|
$7,983
|
Low VA Rates, LLC
|
1
|
3.25%
|
$9,965
|
LEADERONE FINANCIAL CORPORATION
|
1
|
5.63%
|
$32,275
|
Leader Bank
|
1
|
7.13%
|
$13,036
|
HOMESTEAD FUNDING CORP.
|
1
|
2.50%
|
$1,843
|
VAN DYK MORTGAGE CORPORATION
|
1
|
5.63%
|
$12,338
|
First Savings Bank
|
1
|
3.25%
|
$9,560
|
First Internet Bank of Indiana
|
1
|
5.63%
|
$2,856
|
First Home Bank
|
1
|
5.50%
|
$24,160
|
NORTHPOINT MORTGAGE, INC.
|
1
|
5.00%
|
$4,633
|
NORWICH COMMERCIAL GROUP, INC.
|
1
|
4.13%
|
$1,645
|
NP, Inc.
|
1
|
2.25%
|
$6,249
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
3.99%
|
$17,578
|
Waterstone Mortgage Corporation
|
1
|
2.75%
|
$20,039
|
Wells Fargo Bank
|
1
|
2.25%
|
$15,803
|
PLANET HOME LENDING, LLC
|
1
|
5.88%
|
$7,989
|
PNC Bank
|
1
|
5.13%
|
$12,005
|
Community First National Bank
|
1
|
2.75%
|
$10,221
|
The top Rhode Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with
143 VA loans originated. Their average total fees are
$8,600, which is $4,061
lower 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 ($5,403), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,266), Citizens Bank ($7,388), GUARANTEED RATE AFFINITY, LLC ($7,413) and Shamrock Home Loans, Inc. ($7,736).
The lowest rate Rhode Island VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.31%), LAKEVIEW LOAN SERVICING, LLC (3.50%), QUICKEN LOANS, LLC (3.77%), FREEDOM MORTGAGE CORPORATION (3.79%) and HOME POINT FINANCIAL CORPORATION (3.82%).
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.