Mortgages

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 options, including first-time home buyer and FHA loans, designed to suit your needs.

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Which of our offerings can we help you with today?

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. Use our Mortgage Calculator to see what will fit your budget.

Looking for a Jumbo Loan? BankNewport also offers competitive rates and flexible terms for Jumbo Mortgages.  Contact a member of our Mortgage Team 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
10-Year 2.625% 0.00 2.785% $510,400.00 $1,896.79
15-Year 2.750% 0.00 2.860% $510,400.00 $1,357.24
20-Year 3.125% 0.00 3.211% $510,400.00 $1,121.75
30-Year 3.250% 0.00 3.311% $510,400.00 $870.41
 

The Annual Percentage Rate (APR) is accurate as of: August 10, 2020

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*Annual Percentage Rates (APR) are subject to change without notice. APRs are based on a 25% down payment.  Lower down payments 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 apply. Rates are available for 1-4 family primary residences and single family second homes in Rhode island, Southeastern Massachusetts and Eastern Connecticut. 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*)

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Take advantage of today's low rates! Our adjustable rate 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. To see what will fit your budget, use our Mortgage Calculator.

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Adjustable Rates

ARM Term Interest Rate Points APR Monthly Payments per $200,000 Borrowed
10/1 Months 1-120 / Months 121-360 3.250% / 3.250 0      3.311% $870.41 / $872.18
7/1 Months 1-84 / Months 85-360 3.000% / 3.250 0 3.196% $843.21 / $864.88
5/1 Months 1-60 / Months 61-360 2.875% / 3.250 0 3.181% $829.78 / $864.52

The Annual Percentage Rate (APR) is accurate as of: August 10, 2020

Interested in Applying? Get Started

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*  Annual Percentage Rates (APR) are subject to change. The index is the one-year London Interbank Offered Rate (LIBOR) as published in The Wall Street Journal. 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

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Benefits

BankNewport offers affordable loan programs to assist first-time homebuyers purchasing a new home. To see what will fit your budget, use our Mortgage Calculator.

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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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! Use our Mortgage Calculator to see what will fit your budget.

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30-Year Fixed Rate FHA Mortgage†

Please call for today’s rates

401-845-2265 or 877-709-2265

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† 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

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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 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

Professional Mortgages

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Your pursuit of advanced professional training has opened doors for your career, and now, with a professional mortgage from BankNewport, it can open doors to a new home!

Our mortgages help medical professionals, attorneys, CPAs and more* finance their homes. You’ll benefit from:

  • Loans with up to 97% LTV
  • Reduced mortgage insurance rates
  • Student loan debt exclusion from DTI if deferred more than 12 months
  • Loans up to $750,000

Interested in a Professional Mortgage? Get Started

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*To apply, at least one borrower must have an acceptable designation of Medical Resident, Medical Fellow, Doctor of Medicine, Dental Science, Optometry, Osteopathy, Doctor of Veterinary Medicine, Attorney, Chiropractor, CPA, or PhD in a non-medical profession.