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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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If you are a returning customer and have already created your account, please log in here.

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. 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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If you are a returning customer and have already created your account, please log in here.

Conventional Fixed Rate* Mortgages

Term Interest Rate Points APY Maximum Loan Amount Monthly Payments per $200,000 Borrowed
10-Year 3.250% 0.00 3.412% $484,350.00 $1,954.38
15-Year 3.375% 0.00 3.487% $484,350.00 $1,417.52
20-Year 3.625% 0.00 3.712% $484,350.00 $1,172.81
30-Year 3.875% 0.00 3.938% $484,350.00 $940.47

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

Disclosures +

*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.

Information You May Need to Apply for a Mortgage

When you are ready to apply, here is what we may need to complete your mortgage request:

  • Current and Previous Addresses (2 years)
  • Property Information (if applicable)
  • Current and Previous Employment Information
  • Bank Account Statements
  • Current monthly housing expenses such as rent and mortgage payments
  • Address and Market Value information for properties you own, including taxes & insurance
  • Sources and Income Amounts for all Borrowers - (W-2, pay stubs for the last 30 days)
  • Real estate agent, their name, company and phone number
  • If self employed, prior year tax returns
  • Additional information may be requested

Adjustable Rate Mortgage (ARM*)

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.

Apply Now

Get Pre-Approved

If you are a returning customer and have already created your account, please log in here.

Adjustable Rates

ARM Term Interest Rate Points APR Monthly Payments per $200,000 Borrowed
10/1 Months 1-120 / Months 121-360 3.750% / 4.625 0 4.146% $926.23 / $998.92
7/1 Months 1-84 / Months 85-360 3.500% / 4.625 0 4.155% $898.09 / $1,002.17
5/1 Months 1-60 / Months 61-360 3.375% / 4.625 0 4.238% $884.19/ $1,007.72

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

Disclosures +

*  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.

Information You Need to Apply for a Mortgage

When you are ready to apply, here is what we may need to complete your mortgage request:

  • Current and previous addresses (2 years)
  • Property information (if applicable)
  • Current and previous employment information
  • Bank account statements
  • Current monthly housing expenses such as rent and mortgage payments
  • Address and market value information for properties you own, including taxes and insurance
  • Sources and income amounts for all borrowers (W-2, pay stubs for the last 30 days)
  • Real estate agent, their name, company and phone number
  • If self-employed, prior year tax returns
  • Additional information may be requested

First Time Home Buyers 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

Apply Now

Get Pre-Approved

 

Information You Need to Apply for a Mortgage

When you are ready to apply, here is what we may need to complete your mortgage request:

  • Current and previous addresses (2 years)
  • Property information (if applicable)
  • Current and previous employment information
  • Bank account statements
  • Current monthly housing expenses such as rent and mortgage payments
  • Address and market value information for properties you own, including taxes and insurance
  • Sources and income amounts for all borrowers (W-2, pay stubs for the last 30 days)
  • Real estate agent, their name, company and phone number
  • If self-employed, prior year tax returns
  • Additional information may be requested

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

Apply Now

Get Pre-Approved

30-Year Fixed Rate FHA Mortgage†

30-Year Term Interest Rate Points APR Monthly Payments for $203,500 Loan Amount
FHA 3.500% .010 4.561% $913.81

The Annual Percentage Rate (APR) is accurate as of: December 11, 2019

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.

Information You Need to Apply for a Mortgage

When you are ready to apply, here is what we may need to complete your mortgage request:

  • Current and previous addresses (2 years)
  • Property information (if applicable)
  • Current and previous employment information
  • Bank account statements
  • Current monthly housing expenses such as rent and mortgage payments
  • Address and market value information for properties you own, including taxes & insurance
  • Sources and income amounts for all borrowers (W-2, pay stubs for the last 30 days)
  • Real estate agent, their name, company and phone number
  • If self employed, prior year tax returns
  • Additional information may be requested

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 available.

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