Rhode Island Mortgage Rates
Equity is an important homeowner’s resource and is why homes are an important life investment. In Rhode Island, home values are bound to increase to 3.4% by August 2018, according to Zillow.
Owning a home in Providence is rewarding with home values up and median sales price well within conforming loan limits. If down payment is an issue, you can take advantage of DPA programs in RI.
Are you ready to shop and compare mortgage rates for your first home? Get started at mortgagesum.com
Finding Mortgage Rates in Rhode Island
Mortgage rates can be a confusing topic for first-timer homebuyers and even seasoned homeowners. They change on a daily basis and get swayed by important issues and policies in the U.S. and abroad. Of course, getting the lowest rates remains the first order of the day.
Why? This makes borrowing less expensive because after the closing date, you have to take care of the mortgage payments and the home maintenance, throw in taxes and all.
Where do you find low rates?
You can start with lenders. They make and originate loans. Lenders in Rhode Island offer an array of refinance and purchase mortgage products available in the market today. These products include but are not limited to:
- 30-year fixed-rate loans
- 15-year fixed-rate loans
- FHA loans (if approved by the FHA)
- 5-year adjustable-rate loans
- Refinance loans (cash-out, rate-and-term, streamline)
They are also the perfect people to ask about mortgage rates and the loan process.
Mortgage brokers can assist you in finding mortgage lenders. They are third-party brokers who are not affiliated with a specific lender so they can refer you to a lender based on your qualifications, e.g. credit profile and loan characteristics.
There are online sites that (i) run mortgage rate quotes in your area or where you want to buy a home, (ii) compare these rates and (iii) and trim them down to the best option.
Shall we begin?
