Rhode Island Mortgages

With consistently low interest rates, there is no better time to obtain your Rhode Island Mortgage. Statistics show that with the strong housing market, Rhode Island Home Equity Loans are posting high growth. Rhode Island Home Equity Loans are an excellent option for homeowners looking to refinance their homes or consolidate high interest credit card debt. Rhode Island Home Equity Loans usually carry low premiums and yield low, interest only monthly payments.

Another great Rhode Island Mortgage is a Rhode Island Adjustable Rate Mortgage (ARM). Rhode Island ARM loans are fixed for an introductory period, and then adjust periodically thereafter. Typical terms for Rhode Island ARM products are 1 month, 6 month, 3 years, and 5 years (Call and speak to a loan representative about other ARM terms available). The 3 year ARM, for example, has a fixed interest rate for the first 3 years of the loan, and then adjusts annually each following year. Rhode Island ARM products are considered more risky than Rhode Island Fixed Rate loans, because interest rates have the ability to increase after the initial period. Depending on market trends, a significant increase could occur. The advantage to Rhode Island ARM products is the initial interest rates offered are lower than fixed rate loans. This mortgage is great for investors or borrowers looking to stay in a home for a short period of time.