BankNewport Mortgage Interest Rate and Cost Review

Is BankNewport a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by BankNewport to those of other lenders for a comparable set of borrowers. Here is our review of BankNewport nationally:

Review ItemBankNewport
Interest Ratesimilar to other lenders (-0.04%)
Loan Related Closing Costslower than other lenders (-$486)
National Rate and Closing Cost Star Rating(4)

On average, BankNewport’s interest rates were similar to those of other lenders (-0.04%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$486. Overall, combining interest rates and closing costs we estimate that BankNewport tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. We maintain our independence by not accepting any money from the mortgage lenders we review. To visit BankNewport, its website is located at: https://www.banknewport.com.

BankNewport’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track BankNewport was most active in:

  1. Providence, RI
  2. Boston, MA

BankNewport’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, BankNewport originated Conforming and FHA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHA
Interest Rate Difference-0.11%-0.11%
Loan Related Closing Cost Difference-$285-$84
Cost Adjusted Rate Difference-0.14%-0.11%
National Star Rating(4)(4)
Refinance MortgagesConformingFHAJumbo
Interest Rate Difference+0.01%-0.01%+0.00%
Loan Related Closing Cost Difference-$670-$21+$0
Cost Adjusted Rate Difference-0.06%-0.02%+0.00%
Average Star Rating(4)(3.5)(3.5)

As a summary, BankNewport is cheap for Conforming and FHA purchase mortgages. For refinancing mortgages, BankNewport is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about BankNewport:

Registered name: BankNewport
Registered city and state: MIDDLETOWN, RI, 02842
Regulator: Federal Reserve System (FRS)
Top holder: OCEANPOINT FINANCIAL PARTNERS, MHC

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for BankNewport’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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.