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.

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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.

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Conventional Fixed Rate Mortgages

Term Interest Rate Points APR* Maximum Loan Amount Monthly Payments per $200,000 Borrowed
30 Year 6.875% 1.000 7.056% $766,550.00 $1,313.86
30 Year 7.000% 0.500 7.132% $766,550.00 $1,330.60
30 Year 7.125% 0.000 7.207% $766,550.00 $1,347.44
20 Year 6.625% 1.000 6.859% $766,550.00 $1,505.90
20 Year 6.875% 0.500 7.046% $766,550.00 $1,535.63
20 Year 7.125% 0.000 7.231% $766,550.00 $1,565.64
15 Year 6.500% 0.750 6.754% $766,550.00 $1,742.21
15 Year 6.750% 0.500 6.965% $766,550.00 $1,769.82
15 Year 7.000% 0.000 7.135% $766,550.00  $1,797.66
 

The Annual Percentage Rate (APR) is accurate as of: April 22, 2024

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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 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

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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*

Equity Builder Program (EBP) provides grants to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $30,806 in assistance2.

Housing Our Workforce (HOW) is designed to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance2.

For more information, contact us.

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*Restrictions, loan and income limits apply. Discuss with your loan originator for more information.

1Income limits: currently $120,934 (1–2-person household) or $139,074 for a (3+ person household). Note: Income limits are subject to change. Other restrictions may apply. Discuss with your loan originator for more details.

2Assistance awarded on a first-come, first-served basis. First-time homebuyers must complete homebuyer education/counseling to qualify. A First-time homebuyer is defined as an applicant who has not owned a home as their primary residence in the past three years

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. 

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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: April 22, 2024

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 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! 

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Fixed Rate FHA Mortgage

Please call for rate quote

(Local) 401.845.2265

(Toll Free) 877.709.2265

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.

Interested in a Construction Loan? Get Started