Mortgage Equity Partners of Rhode Island
Warwick and South Kingston Offices
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, …
Continue Reading about Pre-approval vs. pre-qualification, which is better?
Get off the sidelines and look for your new house! Homebuyers are on the fence today about whether to enter the market or stay put. First-time homebuyers who are still renting hope rates and prices will come down. Now that we are entering the spring homebuying season and none of those things have happened, lenders …
Continue Reading about MEP’s Rate Protection Program is a win-win for borrowers!
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 …
RI Statewide DPA Grant Program offering $17,500 grants RIHousing has announced the launch of the new RI Statewide DPA Grant Program offering $17,500 grants to assist with down payment and/or closing cost assistance. This down payment assistance is a grant that does not need to be repaid! The program is being funded …
Continue Reading about RIHousing launches new $17.5K DPA Grant Program
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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