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 |
|---|---|---|---|---|
 Rate: NMLS#2611 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
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 LEARN MORE on NerdWallet | 720 | 5% | LEARN MORE on NerdWallet | |
 loanDepot: NMLS#174457 LEARN MORE on NerdWallet | 520 | 3.5% | LEARN MORE on NerdWallet | |
620 | 0% | Learn more at Veterans United | ||
 Caliber: NMLS#15622 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 PrimeLending: NMLS#13649 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Navy Federal: NMLS#399807 LEARN MORE on NerdWallet | N/A | 0% | LEARN MORE on NerdWallet | |
 Wells Fargo: NMLS#399801 LEARN MORE on NerdWallet | 620 | 10.01% | LEARN MORE on NerdWallet |
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on NerdWallet
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
4.0
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.
LEARN MORE
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 ItGood for: borrowers who want a lender with deep experience in FHA lending.
Pros
- Was among the top five lenders by volume for FHA lending in 2022, according to the latest federal data.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage rates aren't available online; you'll need to contact a loan officer.
- Origination fees for FHA loans tend to be on the high end, according to the latest federal data.
Learn more
at Veterans United
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
Cons
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
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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.
LEARN MORE
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 ItGood for: military members and their families looking for low-down-payment mortgages.
Pros
- Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.
- Offers HELOCs and home equity loans.
- Offers low rates compared with most lenders, according to the latest federal data.
Cons
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
LEARN MORE
on NerdWallet
Why We Like ItGood for: existing customers of the bank looking for a wide selection of mortgage products.
Pros
- Sample rates clearly posted for various loan products.
- Offers a wide variety of loan types and products.
- Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.
Cons
- Home loans business is broadly focused on bank customers.
- Doesn’t offer home improvement loans, or home equity loans or lines of credit.
- Scandals and government actions have damaged consumer trust in recent years.
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
