Coventry, RI Mortgage Rates today
Rhode Island's coastal beauty, historic charm, and strong sense of community make it an attractive destination for homebuyers. With excellent schools and cultural offerings, it offers a high quality of life. To make your Rhode Island home dreams come true, remember to compare our current rates and secure a mortgage that suits your lifestyle.
If you have any questions about securing the best mortgage rates in Rhode Island, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Coventry, RI
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6.000%
6.988% APR
$2,345/mo
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6.875%
7.257% APR
$2,365/mo
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6.125%
6.745% APR
$3,062/mo
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5.625%
6.282% APR
$2,098/mo
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7.000%
7.668% APR
$2,395/mo
infoLatest revision - November 08 2024 4:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is the average mortgage rate in Rhode Island?
The overall cost of property ownership for Rhode Island residents is directly impacted by the interest rates lenders in the state charge for mortgages or refinancing. The mortgage rates Rhode Island associated with financing a home are variable because of the IHDA's variable down payment assistance rates.
What are the current mortgage rates in Rhode Island?
You can examine the current mortgage rates Rhode Island for every loan product listed above. We update the rates twice daily to give you an accurate idea of today's pricing.
How do Rhode Island interest rates affect mortgages in the state?
The current mortgage rates Rhode Island have a significant impact on the expenditures associated with house ownership, including monthly payments and total financing charges. Lower rates help state citizens manage their finances more quickly when they become homeowners, but higher rates can result in higher expenditures.
Where can Rhode Island residents find the best mortgage rates?
A first-time home buyer Rhode Island looking to get the best bargain should examine the rates, annual percentage rate, and monthly payments of each product on the list above. It's also essential to consider your eligibility for each choice and the related costs to make an educated decision.
How can Rhode Island borrowers lock in a favorable home interest rate?
By working with their loan officer to negotiate a rate lock, Rhode Island borrowers may protect themselves against future fluctuations in interest rates during the purchasing process. A defined period during which the advertised rate is frozen shields customers from changes that might impact affordability.
Rhode Island first-time homebuyer programs
RIHousing First-Time Home Buyer Loan
So, if you're ready to start your dream home journey, make it happen with assistance from Rhode Island Housing. This first-time home buyer program RI, offers up to 100 percent financing and down payment assistance on these loans that can be accessed directly from RIHousing or one of their preferred mortgage lenders.
This loan has a few requirements:
- You must take an easy homebuyer education class; the purchase price caps out at $736,000.
- There are household income limits. The 2022 household income limits, provided by RIHousing, are currently $120,934 for households of up to two people and $139,074 for families of three or more.
Rhode Island Down Payment Assistance
RIHousing 10kDPA
The 10kDPA program is a $10,000 deferred down payment assistance initiative for first-time homebuyers with no monthly payments until the home is a primary residence. This way, young families can benefit from interest-free help until they sell, move out, or refinance their mortgages. The applicant must have 660 as a minimum credit score and finish a regular homebuyer education course. Besides that, the first mortgage must be from RIHousing or any other participating lender to buy a new residence at the purchase price. Household income limits are the same as for the First-Time Homebuyer Loan program.
FirstGenHomeRI
If you are the primary member of your family to acquire a house, or if your parents or guardians previously lost the household home to one foreclosure or short selling and are currently not householders, you may be able to acquire up to $25,000 in help for a payment and closing expenses. To get FirstGenHomeRI, you must have a zero-interest, zero-payment loan that would be forgiven after five years if you continue to live in the household for five years. It would help if you also had a majority 660 credit score and met the purchase price limits and monthly income restrictions.
Secondly, this Rhode Island first-time home buyer grant is only accessible to current residents of Central Falls, East Providence, Pawtucket, Woonsocket, Providence (this does not encompass zip code 02906), and one NHCD census parcel tract in Newport. However, they may purchase a house elsewhere in the state. Finally, funds for this package are lent on a first-come, first-served basis.
RIHousing Extra Assistance
First-time homebuyers Rhode Island may avail of down payment assistance RI of up to $15,000, or 6% of the purchase price of their property, whichever is lower. This is due to RIHousing's Extra Assistance opportunity loan, a second mortgage with interest in most cases identical to the one on your first mortgage, and no additional charges apply. Both applicants are eligible if a couple purchases a house.
To succeed in this RI first-time home buyer loan, one must:
- Be a maiden purchaser with a first mortgage from RIHousing
- Intend to live in the house as your primary residency
- Credit score of 620 or higher
- Take a homebuyer education seminar
Other Rhode Island Homebuyer Programs
Besides RIHousing's programs, some national mortgages are ready to welcome first-time homebuyers in Rhode Island. FHA, VA, and USDA home loans are ideal for you if you require more money or have a low credit score. VA and USDA loans also have other qualifications, while the FHA loan requires a credit score of at least 500 to 580 in case you decide to pay a 3.5 percent down payment. Some programs are tailored to specific borrowers with exclusive grants for teachers and police officers.
Homebuyer Renovation Loans/203(k)
You may get assistance from RIHousing when purchasing a fixer-upper, as long as the combined expenses – the acquisition and renovation – are not greater than those available with the FHA loan limits. A contract must be present with a state-licensed general contractor, and the money for renovation will be kept in an escrow account.
Any remaining sum will contribute to your principal balance if the amount is not spent in total. Furthermore, this Rhode Island first-time home buyer grant necessitates a $15 homebuyer education course and a participating lender.
Housing Network of Rhode Island: For Providence Buyers
Buying in the state's biggest city — Providence? Apply for the Housing Network of Rhode Island's Down Payment & Closing Cost Assistance program. This helps open up the possibility of people buying a house within the Providence city limits. You must meet both the income and purchase price limits: $330,000 for homes that are already there and $406,000 for new construction. The grant offers home buyers up to $20,000 as home buying costs. In addition to these criteria, you must also:
- Have a 45% back-end debt-to-income ratio.
- Contribute $1,500 to the transaction
- An application fee of up to $200 applies
- Completion of a homebuyer education course
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
