Today's Rates From Loan.com
Looking for a mortgage loan in Rhode Island? There are several things you will need to know before choosing the mortgage loan that is right for you. To understand the costs associated with a mortgage loan it is important to know the rates and types of mortgage loan available in Rhode Island.
Loan.com is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, Loan.com is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on Loan.com allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in Rhode Island.
Based on the most recent data mortgage rates for thirty year fixed mortgages remain close to historical lows. It's still a good time to convert adjustable rate mortgages into a fixed rate mortgage loan to lock in a low rate while you still can.
It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs.
Fixed Rate Mortgage
This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 ARM and every year for the 5/1 ARM.
Mortgage Refinancing in Rhode Island
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
The rates and points on each mortgage loan will vary. As with any major consideration it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision.