Centreville Bank is a full-service, community-focused mutual bank and direct mortgage lender headquartered in West Warwick, Rhode Island. Established in 1828, Centreville Bank serves customers across Rhode Island and eastern Connecticut, offering a wide range of personal and business banking products, including mortgages, with a strong emphasis on local decision-making and community engagement.
See today’s mortgage interest rates on TrueRate.
How Centreville Bank compares to other lenders
| Headquarters | West Warwick, Rhode Island |
| Website | centrevillebank.com |
| Rate | 0.27% less than the median rate |
| Lender fees | $995 (median) |
| Savings after 1 year, compared to the median interest rate | $1,249 |
| Savings after 10 years, compared to the median interest rate | $9,139 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,330 |
| Added cost after 10 years (vs. Tomo Mortgage) | $2,045 |
For a $400,000 mortgage, Centreville Bank’s rates and lender fees will likely result in savings of over $1,200 in the first year and over $9,100 after 10 years compared to the median lender. Borrowers should rate shop and compare options—including lower-cost lenders like Tomo Mortgage—to see if even greater long-term savings are possible.
What customers are saying
Centreville Bank’s mortgage lending receives mixed sentiment on third-party platforms. On Yelp, negative reviews highlight slow mortgage processing, poor communication, and outsourced servicing that leaves customers frustrated and uncertain about closing timelines. Some reviewers note a decline in personalized service after the bank began selling mortgages to Freddie Mac, with complaints about a loss of local touch and increased reliance on ATMs. However, there are positive reviews praising individual loan officers for exceptional support, clear communication, and attention to detail during the mortgage process, making the experience smooth for some borrowers. Overall, customer experiences are inconsistent, with both notable frustrations and standout service.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.