Median Total Costs
$5,735
−14.2% vs national ($6,680)
↑ $123 vs prior year
Median Rate
6.500%
+0.1% vs national (6.490%)
Median Origination
$1,845
Purchase Originations
7,993
Denial Rate
5.0%
vs national avg (9.0%)
Rhode Island uses a non-judicial foreclosure process, meaning lenders can foreclose without going through the court system, though a statutory notice and publication process must be followed. The state uses mortgage instruments rather than deeds of trust. Rhode Island is an attorney state, meaning a licensed attorney must be present at closing to conduct the settlement — this adds to closing costs relative to title-only states. The state imposes a real estate conveyance tax (transfer tax) of $2.30 per $500 of consideration, which is typically paid by the seller but can be negotiated. Title insurance rates in Rhode Island are regulated under a file-and-use system, meaning insurers file rates with the Department of Business Regulation before use. Rhode Island follows federal rules on prepayment penalties under the Dodd-Frank qualified mortgage framework; state-level additional restrictions are limited. The Rhode Island Department of Business Regulation, Banking Division oversees mortgage licensing and consumer complaints related to mortgage origination.
Conventional loans dominate Rhode Island's purchase market, accounting for 72.6% of 2024 originations (5,496 loans) at a median rate of 6.625% and median total costs of $4,839. FHA loans represent a notable 21.1% share (1,598 originations), carrying a median rate of 6.375% but significantly higher median total costs of $14,929 — largely driven by required mortgage insurance premiums. The elevated FHA share reflects the state's mix of moderate-income buyers and higher home prices relative to loan limits. VA loans make up 6.2% of volume (472 originations), a modest share consistent with Rhode Island's limited permanent military installation presence.
Navigant Credit Union
A Rhode Island-based credit union with deep roots in the state, Navigant Credit Union ranked second by purchase origination volume in 2024 and posted the lowest median total closing costs among the top five lenders at $3,546, according to HMDA data.
The Washington Trust Company, of Westerly
One of the oldest community banks in the United States and headquartered in Rhode Island, Washington Trust recorded 345 purchase originations in 2024 with a median total closing cost of $4,462, reflecting a locally focused lending operation.
Movement Mortgage, LLC
Movement Mortgage led all lenders in Rhode Island purchase origination volume in 2024 with 662 loans, making it a high-activity option for buyers, though its median total closing costs of $6,495 ran above the state median of $5,612.
| Loan type | Volume | Median Rate | Median Total Costs |
|---|---|---|---|
| conventional | 5,754 | 6.625% | $4,993 |
| fha | 1,660 | 6.375% | $15,347 |
| va | 579 | 6.250% | $7,900 |
Ranked by median total loan costs among lenders with 50+ purchase originations in Rhode Island.
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $3,324 | 6.250% | $0 | 106 | −$2,411 | |
| 2 | $3,595 | 6.500% | $695 | 453 | −$2,140 | |
| 3 | $3,789 | 6.250% | $850 | 124 | −$1,946 | |
| 4 | $3,909 | 6.500% | $599 | 53 | −$1,826 | |
| 5 | $4,153 | 6.125% | $1,045 | 113 | −$1,582 | |
| 6 | $4,360 | 6.200% | $1,582 | 57 | −$1,375 | |
| 7 | $4,397 | 6.500% | $1,095 | 131 | −$1,338 | |
| 8 | $4,500 | 6.624% | $1,499 | 55 | −$1,235 | |
| 9 | $4,532 | 6.500% | $990 | 143 | −$1,203 | |
| 10 | $4,606 | 6.250% | $1,499 | 340 | −$1,129 | |
| 11 | $4,681 | 6.490% | $1,145 | 96 | −$1,054 | |
| 12 | $4,759 | 6.433% | $1,499 | 76 | −$976 | |
| 13 | $4,925 | 6.000% | $1,594 | 80 | −$810 | |
| 14 | $5,060 | 6.625% | $1,658 | 70 | −$675 | |
| 15 | $5,129 | 6.625% | $1,783 | 308 | −$606 | |
| 16 | $5,162 | 6.625% | $1,545 | 116 | −$573 | |
| 17 | $5,165 | 6.500% | $1,909 | 121 | −$570 | |
| 18 | $5,260 | 6.500% | $1,590 | 233 | −$475 | |
| 19 | $5,426 | 6.500% | $1,640 | 117 | −$309 | |
| 20 | $5,953 | 6.750% | $2,224 | 105 | +$218 | |
| 21 | $5,965 | 6.625% | $1,929 | 85 | +$230 | |
| 22 | $6,099 | 6.375% | $1,513 | 109 | +$364 | |
| 23 | $6,200 | 6.625% | $1,845 | 610 | +$465 | |
| 24 | $6,274 | 6.750% | $2,018 | 242 | +$539 | |
| 25 | $6,708 | 6.688% | $2,155 | 68 | +$973 |
Includes lenders with 50+ purchase originations in Rhode Island. Source: HMDA 2025. Sorted by median total loan costs.
Total closing costs in Rhode Island tend to run below the national average, but the mandatory attorney presence at closing means legal/settlement fees are a consistent and non-negotiable line item — budget for this regardless of lender. Lender origination charges and title insurance premiums are typically the largest variable costs and the ones most worth shopping. Transfer taxes are a known fixed expense, generally assigned to the seller by convention but occasionally shifted in negotiation. FHA borrowers should pay particular attention to upfront mortgage insurance premiums, which inflate that loan type's total cost profile significantly relative to conventional. Among the top lenders by volume, median total costs ranged from $3,546 to $7,718, illustrating that lender selection and loan type both materially affect what buyers pay at the table.
Got a Rhode Island Closing Disclosure or Loan Estimate?
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See user-reported fees for lenders serving Rhode Island →
Grades A–F from verified closing disclosure and loan estimate uploads — not industry medians.
See Rhode Island closing cost details, fee benchmarks, and county comparisons → Rhode Island Closing Costs Guide
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Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.