8 tips for getting the best interest rate on your mortgage When it comes to buying a home in Rhode Island, securing the best mortgage rate can lead to substantial savings over the life of your loan. A mortgage is a legal agreement between a borrower and a lender that provides the borrower with the funds needed to …
MEP’s Advantage Down Payment Assistance Program
What is the benefit of down payment assistance? DPA is one of the best tools homeowners have in today's market to make homeownership more affordable for Rhode Island residents. These programs provide a possible solution to help homebuyers who need financial support. With a shortage of affordable housing across the …
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RIHousing $20k Extra Assistance Loan
RIHousing Extra Assistance Loan: up to $20,000 Buying a home in Rhode Island just got easier! RIHousing’s Extra Assistance Loan (EAL) is now available, offering significant financial support to Rhode Island homebuyers. The EAL program guidelines make homeownership in Rhode Island more affordable, opening a world of …
How to use a bridge loan to buy a home
How to use a bridge loan to buy a home A bridge loan is a financing option that allows you to use the equity of your current Rhode Island home as a source of funding for a new home. A bridge loan is a short-term loan used as a financial bridge between selling your current home and purchasing a new one. Bridge loans …
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The difference between fixed-rate and adjustable-rate mortgages
What are the differences? The best way to understand the differences is first to understand what each loan is all about. The homebuyer's personal situation determines which option works best to purchase or refinance a home. Fixed-rate mortgage A fixed-rate mortgage is a home loan with an unchanging interest rate for …
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Top 6 reasons to get a renovation home loan
What is a renovation home loan? If you can’t find the perfect Rhode Island home, you can create it with a renovation home mortgage! With housing supply inventory at an all-time low and existing home prices rising, homeowners have been renovating like never before. A Fannie Mae HomeStyle Renovation mortgage can get you …
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