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Are you a first-time home buyer Rhode Island and want to know the current mortgage rates? Or do you need help with renovating or upgrading your home and wish to know the refinancing mortgage rates Rhode Island? Just visit us at Total Mortgage! We are all set to assist you in understanding and tackling the financial alternatives to ensure you get a satisfactory match for your requirements. Our team of professionals will find the pertinent and the most befitting current mortgage rates Rhode Island. Contact us now to discover all you need to know about programs for first-time buyers and existing homeowners to help you move into your dream house!

What our Rhode Island clients say

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First off, BEST experience! Being a first-time homebuyer in today's market can certainly feel overwhelming. Between interest rates, property taxes, closing cost, downpayments, and everything else, there's a lot to consider. But putting all of that aside, our experience was exactly what every homebuying experience should be. A huge part of what made us comfortable moving forward was Leslie. From the very beginning, she made us feel right at home. Her knowledge and experience in the industry, excellent communication, persistence, work ethic are truly unmatched. She went the extra mile in every opportunity. As we were introduced to her recommended business partners throughout the process, each step continued to reinforce that we were in great hands. We couldn't be happier with our first home purchase. A HUGE thank-you to Leslie and the entire Total Mortgage team! Where credit is deserved, credit needs to be given — and where flowers are deserved, they need to be given. Leslie, you deserve yours! Thank you for making our home purchase such a positive and memorable one. We absolutely recommend Leslie & Total Mortgage. 1000%, without hesitation!

Antyt918 -.

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Sadi H.

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Jim is the best!

Nascar P.

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I cannot recommend Mateo highly enough! He is an exceptional loan officer who truly goes above and beyond for his clients. Throughout my home-buying journey, he demonstrated incredible dedication, patience, professionalism, and determination. What makes Mateo stand out is that he is never intimidated by challenges. No matter how difficult the situation becomes, he refuses to give up. He fights for his clients, explores every possible solution, and stands by their side until the very end. What seemed impossible became possible, and I am incredibly grateful that Mateo was part of making my dream of homeownership a reality. If you’re looking for a loan officer who genuinely cares, believes in you, and will fight to help you succeed, Mateo is the person you want on your team. I strongly recommend him to anyone looking to purchase a home. Thank you, Mateo, for your hard work, commitment, and for never giving up on us!

Josiane M.

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Total Mortgage helped me purchase my first home! The entire process with Total Mortgage was great! They were eager and willing to answer any and all questions I had (being that I was a first time homebuyer, I had LOTS). I can’t recommend them enough! Marc Nathan, Andrea Frechette and the rest of the team were delights to work with and made the process so smooth! I can’t thank them enough!!

Nicole P.

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If patience is a virtue, Melissa Speer is eligible for sainthood. I entered the homebuying process as a first-time buyer with a million questions, complicated financing, and a dream. Three attempts, two failed deals, and approximately 47,000 mortgage worksheets later, Melissa was somehow still patient, responsive, knowledgeable, and endlessly reassuring. She answered every question (including the ones I asked five times), helped me navigate first-time homebuyer assistance, and made sure I understood every step. At one point, she was literally running mortgage numbers from a mobile hotspot in the passenger seat of a car during a six-hour drive. Apparently, the Jenna Homebuying Experience™ was going to remain fully operational at highway speeds. Melissa genuinely cared about getting me into the right home, not just closing a loan. I couldn’t have asked for someone better in my corner. Melissa, thank you for surviving the Jenna Homebuying Experience™. I hope your next client buys the first house they look at. You’ve earned it. 😂 A thousand stars. Five simply aren’t enough. ⭐

Jenna

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Denise was wonderful to work with when purchasing my home. She was thoughtful, helpful, and made the process a great experience. Years later, I’m still grateful to be in the home she helped me find. I would absolutely recommend her to anyone looking to buy a home!

Jake Y.

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Stephanie was amazing and helped us with a challenging process! She was super helpful with the many questions we had and took the time to make sure we understood what was happening in the loan process.

Emma W.

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Every step of the way Denise and her team were there for my boyfriend and I as we bought our first house. Denise and her team were exceptional in their knowledge about first time home buying and were extremely responsive to all of our questions. We are forever grateful to this team and highly recommend them to any and all first time home buyers!

Marisa M.

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We were looking to buy a summer place on the ocean in New England to escape the hot summers of NC. We found the ideal condo and our realtor recommended Denise and her team. They did not disappoint. Our schedule required a quick close to coincide with our travel schedule. The process was simple to complete remotely and was completed to meet our needs. Denise was always available to answer any questions, even into the late evening hours. We cannot thank her and the team enough for helping make our dream come true.

Dc. B.

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Frequently asked questions about Rhode Island mortgages

What is considered a good mortgage interest rate?

When exploring mortgage rates, it's essential to evaluate not only the interest rate but also consider additional loan terms such as annual percentage rates (APRs), fees, and closing costs. A comprehensive comparison of loan specifics from multiple lenders is crucial in identifying the most advantageous deal tailored to your circumstances.

Should I lock my mortgage rate?

Mortgage rates are subject to frequent and unpredictable changes. Contemplating locking your mortgage rate may be prudent under the following conditions:

  • Rising rates: If there's a sustained upward trend in rates over several weeks or months, securing your rate ensures it won't exceed the initially qualified rate.
  • Federal Reserve meeting: Anticipating a potential rate increase during a Federal Reserve meeting, consider locking your rate before the meeting for financial security.
  • Desire for financial certainty: Locking your rate guarantees a stable monthly mortgage payment, shielding you from unexpected changes.
  • Set closing date: If your closing date is fixed with no expected delays, securing your rate is a strategic decision.

How long does a mortgage rate lock last?

The specific lock-in period may vary, but generally, you can secure a mortgage rate for 30 to 60 days. Once the rate lock expires, unless the lender agrees to an extension, the initially locked rate is no longer guaranteed. Changes in factors like credit score, loan amount, debt-to-income ratio, or appraisal value during the lock-in period could potentially void the initial rate lock.

Is it possible for me to negotiate my mortgage rates?

Depending on your credit qualifications and willingness to obtain quotes from multiple lenders, negotiating a lower mortgage rate may be feasible. Another option is purchasing mortgage points, where paying a percentage of the interest upfront can reduce the interest rate and monthly payments. A mortgage point is equivalent to approximately 1% of the total loan amount, translating to around $2,500 on a $250,000 loan.

How are interest rates determined?

Lenders establish interest rates for their loan products, influenced by factors such as the Federal Reserve's actions, economic conditions, and consumer demand. Changes in short-term rates by the Federal Reserve can prompt lenders to adjust mortgage rates. Individual considerations, including credit score, down payment, income, as well as the varying levels of risk and operational expenses for lenders, can also impact mortgage rates.

How frequently do mortgage rates change?

Mortgage rates can vary daily, influenced by factors like inflation, the bond market, and the overall housing market.

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