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Blue Water Mortgage is rated one of the best mortgage companies in Rhode Island. Our experienced team is here to help you every step of the way. On this page, you’ll find common considerations for home buyers in Rhode Island.
What to Know Before Buying a Home in Rhode Island
Although buying a home is an exciting step, it can be challenging to navigate the housing market and align your finances. The purchasing and offer process varies from state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in Rhode Island.
When it comes to homes in Rhode Island, the property types available can vary greatly depending on geographical region. Along the coast, beachfront cottages and luxury condos are popular choices for those looking for a home with a water view. Cape Cod-style houses are also abundant in the coastal regions. In contrast, historic, colonial homes are more prevalent in the older, established neighborhoods of the state’s capital Providence and other cities.
In the more rural areas of the state, you’ll find a mix of traditional farmhouses and newer single-family homes. Overall, the diversity of home styles and types available in Rhode Island ensures that there is something for every home buyer to choose from, depending on their preferences and location. Our Rhode Island mortgage lenders have the knowledge and experience to help you find the home that fits you best.
In Rhode Island, the state property tax rate is set at 1.22% of the property’s assessed value. The state also has a conveyance tax, which amounts to 1.5% of the sales price of the property and is charged by the state when a property changes hands.
Additionally, Rhode Island has a mortgage recording tax, which is a one-time fee paid when a mortgage is recorded. The fee is calculated at 0.25% of the mortgage amount. The Ocean State also has a Homestead Act, which allows homeowners to claim a $25,000 exemption on their primary residence, which can help lower the property tax.
A notary may preside over a closing in place of an attorney in Rhode Island, which can help lower the overall closing costs.
Rhode Island has a Lead Paint Disclosure Law, which requires sellers to disclose the presence of lead-based paint in any housing built prior to 1978. Per this law, sellers must fill out and provide buyers with lead paint disclosure forms and informational pamphlets.
Why Getting a Mortgage in Rhode Island Makes Sense
Rhode Island, the smallest state in the country, offers a unique blend of history, culture and natural beauty that make it an attractive place to call home. Whether you’re a first-time home buyer or looking for your dream home, getting a mortgage in the Ocean State makes sense for a variety of reasons.
First, Rhode Island’s location on the East Coast makes it a prime spot for those who love the ocean. The state boasts over 400 miles of coastline and a diverse array of waterfront properties, from historic beach cottages to modern condos with stunning views.
Additionally, Rhode Island has a rich history and culture that is reflected in its architecture and neighborhoods. The state’s capital, Providence, and the city of Newport are home to numerous historic homes and Gilded Age mansions, many of which have been beautifully preserved and maintained. These areas offer a unique blend of old-world charm and modern amenities that are highly sought after by home buyers.
Another factor that makes Rhode Island a great place to call home is its diverse and welcoming communities. The state is home to a wide variety of people from different backgrounds and cultures, making it a great place to raise a family or enjoy a vibrant social scene.
Finally, Rhode Island offers a wide range of housing options that cater to different budgets, lifestyles and preferences. From single-family homes to condos, townhouses and apartments, the state has something to offer everyone.
Overall, Rhode Island’s unique blend of natural beauty, history, culture and diverse communities make it an attractive place to call home. And with a variety of housing options, getting a mortgage in Rhode Island makes sense for anyone looking for a place to call their own. Our Rhode Island mortgage lenders are ready to help you navigate the home buying process as seamlessly as possible.
Rhode Island Products and Programs
No matter which program you choose to explore, Blue Water Mortgage is proud to provide timely communication, expert advice and the personal touch of a local, owner-operated brokerage. With over 150 years of collective credit-based mortgage experience, we have the knowledge to find the best Rhode Island mortgage for you — your dream home is within reach. Let’s get started.
Fixed-Rate – Fixed Rate mortgage loans are predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.
Refinancing – When homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), the new loan pays off the initial loan.
First Time Home Buyers – We’re happy to help guide you through a transparent and predictable mortgage process.
Conventional Mortgage Loans in NH – Conventional loans are the most common, private-sector loans that are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.
Non-Conventional – These loans cater to borrowers who may have been declined for a conventional loan due to self-employment, bankruptcy or unsteady employment history.
Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.
Low Down Payment — These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.
FHA — These loans are more forgiving for people with lower credit scores — and are designed to help borrowers who might not qualify for conventional loans.
FHA 203K — This government loan is flexible for fixing up homes with deferred maintenance.
VA — Veterans mortgages are similar to a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.
USDA — These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of fewer than 20,000 people.
Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.
Jumbo — A Jumbo loan is a mortgage exceeding the conforming lending limit of Fannie Mae or Freddie Mac, which in most areas is $417,000.
Non-Owner Occupied — If you are purchasing a property that will not be your primary residence with between one and four units, you may face more red tape since it has a higher risk of default.
HELOC — A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.
Home Improvement — Whether you’re looking to renovate, remodel or increase the value of your home, this program can help get the job done.
Police & Firefighters — Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.
Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everythin…
My experience with Blue Water Mortgage was wonderful. As a first time home buyer, I had many questions and concerns. Laura pa…
Laura was great to work with! She took the time to answer all my questions, kept me updated on the process, and helped to mak…
We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refi…
We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely r…
My wife and I just completed a closing with Blue Water and our experience was phenomenal. We had a very quick turnaround from…
Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with…
Blue Water Mortgage was recommended to us by our realtor and we are so glad she did! This is our third time buying a home and…
My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, wh…
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by…
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our cont…
Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everything together. He invested the time and effort needed to make the deal happen. I had other mortgage companies that would not take on this challenge, but Roger stepped up to the plate and made it happen. I also did another deal with Roger that went extremely quickly and efficiently. Roger would not rush through his calls with me, but take his time to outline all the steps needed. After working with Roger I don’t think that I could work with another loan officer again. I would highly recommend Roger to anyone who is in need or a mortgage.
My experience with Blue Water Mortgage was wonderful. As a first time home buyer, I had many questions and concerns. Laura patiently guided me through the process, explaining what was happening each step of the way. My home purchase was on the complicated side, but Laura took every bump in stride, and went the extra mile (several times) to make sure that my closing went smoothly and happened on time. I would highly recommend Blue Water Mortgage to anyone purchasing a home.
Laura was great to work with! She took the time to answer all my questions, kept me updated on the process, and helped to make sure everything went smoothly. Laura took the worrying out of the process, and I knew that I could trust her to look out for my best interest.I really appreciate everything she did and how great she was to work with. I will be using Laura for all my future buying or refinancing needs and I would definitely recommend Laura to all my friends!
We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refinancing. Kristina Young especially made the process easy and everyone we worked with was very responsive, worked diligently and happily answer questions along the way.
I would definitely use Blue Water Mortgage again in the future and would highly recommend.
We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely refer anyone looking to purchase a home to work with them. As a first time home buyer we had no idea how to start the mortgage process and what to expect. John Riley explained everything to us. Whenever we had a question, which I had many he always picked up his phone or called us right back. He always wanted to make sure we understood what he was saying. Everyone at Blue Water was great they all worked together to help us close. I would recommend anyone looking to buy a house to use Blue Water Mortgage you will have a great experience just like we did. Everyone who is a part of Blue Water is very helpful and caring. They are the best!!!
My wife and I just completed a closing with Blue Water and our experience was phenomenal. We had a very quick turnaround from offer to close and Roger and Paula were extremely helpful and accessible throughout the entire process. There were a number of setbacks on the seller’s side throughout our close and not only did Blue Water anticipate these scenarios, they made proactive adjustments to the paperwork to make sure the sale was able to proceed without disruption. Additionally, Roger explained in detail the reason behind structuring our offer and mortgage as we did which was a process I really appreciated. We will recommend Blue Water to any friends or family looking to buy.
Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with a 10. They worked through a ton of grey area to get to the nuts and bolts of a few last minute road blocks. I really felt like they were putting in the extra effort for me. I would absolutely recommend Blue Water to any first time home buyer. Great job!
Blue Water Mortgage was recommended to us by our realtor and we are so glad she did! This is our third time buying a home and Blue Water helped to make the home buying process a breeze for us. We were able to get pre-qualified for a mortgage within 2 hours of contacting Roger at Blue Mortgage! Every email or phone call was returned promptly. Roger and his staff made sure everything went smoothly. I highly recommend Blue Water Mortgage to anyone who is buying a new home. I know our memories of the process is filled with good ones!
My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, whom made the process painless. They both made themselves readily available to answer any questions or concerns throughout the entire process. They were extremely attentive and answered with timely responses. They completed the bulk of the paper work, asking for bits and pieces along the way. I was impressed with their level of knowledge and ability to be flexible. Our realtor was also impressed with how easy they were to work with. We would highly recommend using Blue Water Mortgage. Derek and his team ROCK!
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by FAR the best that I have ever dealt with. Lee is extremely helpful, insightful (knows the industry top to bottom), is creative and offers exceptional customer service. While Lee is a true professional, she is also understanding, has a great sense of humor and just knows how to get things done quickly and on or ahead of schedule. I would HIGHLY recommend Lee to those that want only the very best – Lee is a true professional!
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our contact, Scott, was always attentive, informative and professional. He worked out a great rate, helped us get all of our paperwork in order and answered all questions whenever needed. All of this came together to ensure a smooth and easy closing. I would certainly recommend Blue Water Mortgage to anyone shopping for a mortgage or refinance.