Mortgage Loans
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.
Fixed Rate Mortgages
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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.
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.
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 | 6.125% | 1.000 | 6.298% | $766,550.00 | $1,215.22 |
| 30 Year | 6.375% | 0.500 | 6.502% | $766,550.00 | $1,247.74 |
| 30 Year | 6.500% | 0.000 | 6.579% | $766,550.00 | $1,264.14 |
| 20 Year | 6.000% | 0.875 | 6.212% | $766,550.00 | $1,432.86 |
| 20 Year | 6.125% | 0.500 | 6.291% | $766,550.00 | $1,447.32 |
| 20 Year | 6.375% | 0.000 | 6.478% | $766,550.00 | $1,476.46 |
| 15 Year | 5.750% | 1.000 | 6.038% | $766,550.00 | $1,660.82 |
| 15 Year | 6.000% | 0.500 | 6.210% | $766,550.00 | $1,687.71 |
| 15 Year | 6.500% | 0.000 | 6.633% | $766,550.00 | $1,742.21 |
The Annual Percentage Rate (APR) is accurate as of: July 27, 2024
*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 760 or higher credit score. Rates are available for single family primary residence 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
First Time Home Buyers
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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
Home Happens
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BankNewport is committed to supporting growth in the communities we serve. We are proud to introduce Home Happens* to help put the dream of homeownership within reach.
Home Happens is designed to assist homebuyers purchasing properties in qualifying areas. Borrowers who qualify can pay as low as a 3% down payment on a 30 or 40-year mortgage, earn up to $2,500 in closing cost credits with no application fees, and a discounted fixed mortgage rate1.
For more information, contact us.
| Term | Interest Rate | Points | APR1 | Maximum Loan Amount | Monthly Payments per $350,000 Borrowed |
| 30 Year | 6.000% | 0 | 6.040 | $766,500.00 | $2,098.43 |
The Annual Percentage Rate (APR) is accurate as of: July 27, 2024
*Restrictions, loan and income limits apply. Discuss with your loan originator for more information.
1Annual Percentage Rates (APRs) are subject to change without notice. APRs are based on a one-four unit primary residence only. Home Happens product requires the property to be in a majority-minority-census tract in Rhode Island. Closing costs apply. Subject to credit approval. Homeowners insurance is required. Flood insurance may be required. Completion of Homebuyer Education course is required to qualify. 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.
Down Payment and Assistance Grants
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Ready to buy your first home or looking for assistance with down payment and closing costs? BankNewport can help you find the right assistance program grant to suit your needs.
RIHousing Grant*
15kDPA Program1 provides $15,000 in assistance for down payment and/or closing costs.
For more information, contact us.
FHL Bank Grants*
Lift Up Homeownership is designed to support people of color purchasing their first home1. Qualified buyers earning up to 120% of the area median income can receive up to a $50,000 grant for down-payment and closing costs assistance. Borrower or co-borrowers will need to self certify as Black/African American, American Indian, Alaska Native (Native Hawaiian or Pacific Islander), or Hispanic2.
For more information, contact us.
*Restrictions, loan and income limits apply. Discuss with your loan originator for more information. Assistance awarded on a first-come, first-served basis.
1A First-time homebuyer is defined as an applicant who has not owned a home as their primary residence in the past three years. First-time homebuyers must complete homebuyer education/counseling to qualify.
2Homebuyers will be required to self-certify their race or ethnicity by completing a self-certification form provided by FHLBank Boston. Individuals who do not self-certify their ethnicity or race will not be eligible to participate in this program.
Learn More about our other Mortgage Options
Adjustable Rate Mortgage (ARM*)
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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.
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 | 7.000% / 8.375 | 0 | 7.526% | $1,330.60 / $1,475.86 |
| 7/6 | Months 1-84 / Months 85-360 | 7.000% / 8.375 | 0 | 7.718% | $1,330.60 / $1,490.95 |
| 5/6 | Months 1-60 / Months 61-360 | 6.750% / 8.375 | 0 | 7.782% | $1,297.20 / $1,496.04 |
The Annual Percentage Rate (APR) is accurate as of: July 27, 2024
* 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 60 day Rate Lock Agreement for purchase transactions only, a 25% down payment and a 740 or higher credit score. 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.
FHA Mortgages
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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!
Fixed Rate FHA Mortgage
| Term | Interest Rate | Points | APR | Monthly Payments for $203,500 Loan Amount |
| 30 Year | 6.000% | 0.000 | 7.086% | $1,220.09 |
The Annual Percentage Rate (APR) is accurate as of: July 27, 2024
Annual Percentage Rate (APR) is subject to change without notice. APR is based on a 60-day Rate Lock Agreement for a purchase transaction with a 3.5% down payment and a 660 or higher credit score. APR Assumes $203,500 total loan amount including 1.75% financed mortgage insurance premium. Monthly MI payments are included in the APR. Rate shown is available for single family primary residence in Rhode Island, Southeastern Massachusetts, or Eastern Connecticut. 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.
Construction Loans
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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.