Mortgage Equity Partners of Rhode Island
Warwick and South Kingston Offices
Tips for buying a home with student loan debt Buying a house in Rhode Island with student loan debt can be difficult, but it's not impossible. Understanding the potential impact of student loan debt on your financial health and ability to qualify for a mortgage is essential. Student loan debt can increase your …
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When is a regular mortgage not enough? When the loan amount to purchase a property exceeds the conforming loan limit of $726,200*. Find out the limits by county in this interactive map. To understand a Jumbo loan, you must understand two other terms: conforming and non-conforming loans. Conforming loans adhere to …
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A look at pre-approvals vs. pre-qualifications for home loans When you decide to buy a home in Rhode Island, it’s important to understand the difference between a pre-approval and a pre-qualification. For example, a pre-approval at Mortgage Equity Partners involves an underwriter evaluating your credit history, …
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What is a 2/1 Buydown? A 2/1 Buydown is a financing technique that allows a borrower to have reduced monthly mortgage payments for the first two years of the loan term. With this option, the interest rate would be 2% lower for the first year and 1% for the second year. In the third year, the rate will go up to the …
While conventional fixed-rate loan programs and government loans such as FHA, USDA Loans, and VA loans are the most popular loan options, Non-QM loans are also becoming extremely desirable as borrowers with non-traditional employment and other unique financial situations continue to enter the Rhode Island homebuying …
First-time homebuyers in this market are often so excited to win the bidding war for their first home that they do not take time to think about the future and the possibility that this may not be the last home they purchase. They often miss some key factors regarding resale value when purchasing their first …
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