Mortgage Loans

Whether you are a first-time home buyer, purchasing a second home or looking to refinance your current home, BankNewport offers competitive interest rates and a number of home loan products and options, including first-time home buyer and FHA loans, designed to suit your needs.

Apply Now Get Pre-Approved

If you are a returning customer, please log in here.

Click here for important information for existing Adjustable Rate Mortgage (ARM) loan customers regarding the index used to calculate your interest rate. 

bnp21548-product-page-1400×411-mortgages

Which of our offerings can we help you with today?

Fixed Rate Mortgages

+

Conventional fixed-rate mortgages offer homebuyers a stable interest rate and set payments over the life of their loan. If you are looking for a non-fluctuating mortgage payment, a fixed-rate mortgage may be right for you.

With a fixed rate you can have a monthly payment that fits your budget and doesn’t change for the life of the mortgage. A variety of fixed rate terms are available, including 15 year and 30 year fixed rate mortgages. 

Looking for a Jumbo Loan? BankNewport also offers competitive rates and flexible terms for Jumbo Mortgages in Rhode Island.  Contact a Mortgage Lender to discuss Jumbo Loans.

Apply Now

Get Pre-Approved

If you are a returning customer, please log in here.

Conventional Fixed Rate Mortgages

Term Interest Rate Points APR Maximum Loan Amount Monthly Payments per $200,000 Borrowed
30-Year 5.000% 0.000 5.072% $647,200.00 $1,073.64
20-Year 4.625% 0.000 4.721% $647,200.00 $1,278.83
15-Year 4.250% 0.000 4.372% $647,200.00 $1,504.56
10-Year 4.125% 0.000 4.300% $647,200.00 $2,036.81
 

The Annual Percentage Rate (APR) is accurate as of: July 2, 2022

Disclosures +

*Annual Percentage Rates (APRs) are subject to change without notice. APRs are based on a 60 day Rate Lock Agreement for purchase transactions only, a 25% down payment and a 740 or higher credit score.  Must be a 1-4 family primary residence or a single family second home in Rhode Island, Southeastern Massachusetts or Eastern Connecticut. Lower down payments available. Closing costs apply. Subject to credit approval. Homeowners insurance is required. Flood insurance may be required. Other programs and terms may be available. Other terms and conditions may apply. Monthly payments do not include taxes and insurance. Your payments may be greater.

Please contact a BankNewport representative at 401.846.3400 or 800.234.8586 for details

Adjustable Rate Mortgage (ARM*)

+

Take advantage of today's low rates! Our adjustable rate mortgage products offer fixed payments for defined periods of time depending on the product you choose. Rate caps limit rate changes at each adjustment period and protect you from payment shock. 

Apply Now

Get Pre-Approved

If you are a returning customer, please log in here.

Adjustable Rates

ARM Term Interest Rate Points APR Monthly Payments per $200,000 Borrowed
10/6 Months 1-120 / Months 121-360 4.750% / 4.000 0   4.543% $1,043.29 / $978.33
7/6 Months 1-84 / Months 85-360 4.500% / 4.000 0 4.309% $1,013.37 / $965.56
5/6 Months 1-60 / Months 61-360 4.250% / 4.000 0 4.159% $983.88 / $958.63

The Annual Percentage Rate (APR) is accurate as of: July 2, 2022

Interested in Applying? Get Started

Disclosures +

*  Annual Percentage Rates (APR) are subject to change. The index is the 30 day Average Secured Overnight Financing Rate (SOFR) offered by the Federal Reserve Bank of New York . APRs are based on a 20% down payment. Lower down payments are available. Closing costs apply. Subject to credit approval. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available. Other terms and conditions may apply. Rates are available for 1 - 4 family primary residences and single family second homes. Rhode Island, Southeastern Massachusetts and Eastern Connecticut properties are eligible.  Payments do not include taxes and insurance. Your payments may be greater.

Please contact a BankNewport representative at 401.845.2265 or 877.709.2265 for details.

First Time Home Buyers

+

Benefits

BankNewport offers affordable loan programs to assist first-time homebuyers purchasing a new home. 

Based on your loan program and your income, you may benefit from:

  • 97% financing available
  • Affordable options for first-time home buyers
  • Competitive rates
  • Local mortgage servicing
  • Down payment assistance may be available

Apply Now

Get Pre-Approved

FHA Mortgages

+

Looking to purchase a new home, with some assistance? Are you a home buyer looking to purchase a new home but perhaps don’t have perfect credit and/or want to finance most of the purchase price? If so, our FHA product may be the right solution for you! 

Apply Now

Get Pre-Approved

 

30-Year Fixed Rate FHA Mortgage†

Please call for today’s rates

401-845-2265 or 877-709-2265

Disclosures +

† Annual Percentage Rate (APR) is subject to change without notice. APR is based on a 30 year fixed rate mortgage in the amount of $203,500 for the purchase of a single-family, primary residence with a 3.5% down payment and a 1.75% financed FHA mortgage insurance premium. Closing Costs apply. Subject to credit approval. Homeowners Insurance is required. Flood insurance may apply. Other programs and terms may be available. Other terms and conditions may apply. Rate is available for 1-4 family primary residences. Rhode Island, Southeastern Massachusetts and Eastern Connecticut properties are eligible. Payments do not include taxes, insurance, or monthly mortgage insurance premiums, therefore your payments will be greater (actual payment amount will vary based upon credit history, rates in effect at the time of consummation, LTV, mortgage insurance premiums and other credit factors.).

Please contact a BankNewport representative at 401.846.3400 or 800.234.8586 for details.

Construction Loans

+

What do you do when you can't find your dream home? You build it!

Our construction mortgages offer a single closing for the construction and permanent financing of your home. Fixed and adjustable rate construction mortgages in RI available.

Construction Financing provides options that give you the flexibility to get your project completed without depleting your savings.

Interested in a Construction Loan? Get Started