We compare mortgage interest rate and loan related closing costs at Bank Rhode Island with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.19%)
Loan Related Closing Costs: lower than average (-$1177)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Bank Rhode Island originated 346 mortgages, a national market share of 0.0%. It was most active in RI (1.3% market share), MA (0.0% market share), and NH (0.0% market share).
On average, Bank Rhode Island’s interest rates were higher than those of comparable mortgages at other lenders (+0.19%).1The comparable mortgages control for Bank Rhode Island’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $0, which was lower than those of comparable mortgages at $1177, with a difference of -$1177. Overall, we estimate that Bank Rhode Island tends to be an average cost lender, with a cost-adjusted-rate difference of -0.02% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Bank Rhode Island.
Bank Rhode Island specialized in mortgage refinancing, and originated Conforming refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Mortgage Refinancing from Bank Rhode Island compared to other lenders
|Interest Rate Difference||+0.19%|
|Loan Related Closing Cost Difference||-$1177|
|Cost Adjusted Rate Difference||-0.02%|
Based on the table above, Bank Rhode Island is similar to other lenders for Conforming mortgage refinance.
Other information about Bank Rhode Island:
Regulator: Federal Reserve System (FRS)
Top holder: BROOKLINE BANCORP, INC.
Registered city and state: Providence, RI, 02903