10 Best Rhode Island Mortgage Lenders of 2021
Rhode Island doesn't cover much land, but it has a large pool of mortgage lenders. Here are some NerdWallet picks to help you wade through the choices.
Last updated on January 20, 2021
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These Rhode Island mortgage lenders do a lot of business in the state and are some of the best that NerdWallet has reviewed. There are options for borrowers looking for government-backed mortgages, jumbo mortgages and home loans geared to first-time buyers. You'll find plenty of choices, whether you're buying a new home or want to refinance a mortgage.
Compare lenders to shop rates and terms, and choose a Rhode Island mortgage lender that serves your needs while offering the best deal.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
10 Best Rhode Island Mortgage Lenders of 2021
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Learn more at Rate | ||
620 | 1% | Learn more at Rocket Mortgage, LLC | ||
 Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage | 580 | 3.5% | Learn more at Fairway Independent Mortgage | |
 Bank of America: NMLS#399802 Compare More Lenders on NerdWallet | 720 | 5% | Compare More Lenders on NerdWallet | |
 loanDepot: NMLS#174457 Compare More Lenders on NerdWallet | 520 | 3.5% | Compare More Lenders on NerdWallet | |
620 | 0% | Learn more at Veterans United | ||
 Caliber: NMLS#15622 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 PrimeLending: NMLS#13649 Compare More Lenders on NerdWallet | 620 | 3% | Compare More Lenders on NerdWallet | |
 Navy Federal: NMLS#399807 Compare More Lenders on NerdWallet | N/A | 0% | Compare More Lenders on NerdWallet | |
 Wells Fargo: NMLS#399801 Compare More Lenders on NerdWallet | 700 | 20% | Compare More Lenders on NerdWallet |
Learn more
at Rate
Why We Like ItRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.
Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.
Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
Cons
- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
Learn more
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
3.5
FHA loans
NerdWallet ratingMin. credit score
580
Min. down payment
3.5%
Why We Like ItGood for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.
Pros
- Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage rates for different types of loans aren't posted online.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
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on NerdWallet
Why We Like ItGood for: low- to moderate-income buyers who qualify for down payment or closing cost assistance programs and homeowners interested in a home equity line of credit.
Pros
- Offers down payment and closing cost assistance programs.
- Existing customers who meet certain qualifications can receive a discount on mortgage lender origination fees and HELOC interest rates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Doesn't offer renovation or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
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on NerdWallet
Why We Like ItWorking with LoanDepot partners offers the potential for a streamlined mortgage process and cash back, and the lender offers a wide variety of FHA loan types.
Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
Cons
- Interest rates are not available on the website.
- Can't apply for a mortgage on the lender's mobile app.
Learn more
at Veterans United
Why We Like ItVeterans United is the largest VA loan originator in the country by far, according to the latest federal data.
Pros
- Specializes in working with military borrowers.
- Offers VA refinancing.
- Sample interest rates are posted online.
Cons
- Interest rates are on the higher end compared to other VA lenders.
- Does not offer VA renovation loans.
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on NerdWallet
Why We Like ItGood for: first-time home buyers, self-employed borrowers and those who may have credit challenges to overcome.
Pros
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Offers financial assistance, such as grants for down payments or closing costs, to first-time home buyers who qualify.
- Supports military borrowers with extensive online resources and dedicated VA loan specialists.
Cons
- No mortgage rates displayed online.
- Room to improve overall digital experience: No online chat for customer service, and mobile app has poor ratings and reviews.
- Doesn't offer home equity loans or lines of credit.
Compare More Lenders
on NerdWallet
PrimeLending: NMLS#13649
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItPrimeLending stands out for its wide variety of loan types, including non-QM loans and renovation and construction options, but lacks some technical features like online rates or a mobile app.
Pros
- Offers closing cost assistance.
- Wide variety of loan types, including non-QM loans.
- Mortgages are available for manufactured homes, including 3D-printed houses.
Cons
- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
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on NerdWallet
Why We Like ItNavy Federal Credit Union stands out for having exceptionally low VA interest rates and fees.
Pros
- Best-scoring VA lender for interest rates and fees.
- Offers VA refinancing.
- Specializes in working with military borrowers.
Cons
- Does not offer VA renovation loans.
Compare More Lenders
on NerdWallet
Why We Like ItWells Fargo originated more jumbo loans than any other lender in 2023, and current Wells Fargo customers may be able to take advantage of interest rate discounts.
Pros
- Borrowers with at least $250,000 worth of assets in Wells Fargo accounts can receive an interest rate discount.
- In 2023, 20% of Wells Fargo purchase loans were jumbo.
- Has underwriters that specialize in jumbo loans.
Cons
- Home lending business is broadly focused on existing bank customers.
- Scandals and government actions in recent years have damaged consumer trust.
- Requires a minimum down payment of 20%.
More from NerdWallet:
Last updated on January 20, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
NerdWallet's Best Rhode Island Mortgage Lenders of 2021
- Rate: Best for online convenience
- Rocket Mortgage, LLC: Best for online convenience
- Fairway Independent Mortgage: Best for FHA loans
- Bank of America: Best for jumbo loans
- loanDepot: Best for FHA loans
- Veterans United: Best for VA loans
- Caliber: Best for first-time home buyers
- PrimeLending: Best for first-time home buyers
- Navy Federal: Best for VA loans
- Wells Fargo: Best for jumbo loans
