Mortgage Refinansing Help

Mortgage Refinancing Help: Rhode Island

“It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch. ”

Mortgage Refinancing Help : Business: Financial Services: Mortgages: Regional: United States : Rhode Island (3)

When lenders offer a "no-cost" loan, they may include a prepayment penalty to discourage you from refinancing within the first few years of the loan. Ask the lender offering a no-cost loan to explain all the fees and penalties before you agree to these terms.

Mortgage Refinancing Help: Rhode Island ()

See also:

Family Financial Group Inc »
Family owned and operated business providing residential financing. Includes company overview, online forms in English and Spanish, staff directory. Offices in Cranston, RI and Little Falls, NJ.

Mortgage Pros USA »
Full service lender. Presents company overview, services, online application. Offices in East Greenwich, RI.

South County Mortgage »
Lender provides a range of home loan options. Features programs, rates, online application. Based in Exeter, RI.

If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.

You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.

If your monthly payment on a fixed-rate loan includes escrow amounts for taxes and insurance, your payment each month could change over time due to changes in property taxes, insurance, or community association fees.