Rhode Island may be the smallest state in the country, but it makes up in beauty and culture what it lacks in size. In addition to the amazing Rhode Island School of Design, Rhode Island is home to one of the world’s best universities: Brown University. Schools and education are not all that Rhode Island has to offer. Great landscapes, a nice piece of coastline, and the most central location on the whole east coast makes Rhode Island a great place to call home. For many, however, home has become an increasingly more difficult thing to maintain. Too many residents of Rhode Island have been living from paycheck-to-paycheck in order to carry their expensive mortgage payments. This burden can be alleviated by restructuring the way in which these individuals are paying for their homes through a process called refinancing. Refinancing involves a homeowner obtaining a new loan in order to cover the remaining balance on his or her current home. This process frees some of the equity that homeowners have spent so long establishing, and it allows for them to take advantage of new and exciting loan programs that have only been recently developed.
Quick Rhode Island Housing Facts:
- Percent of homeowners in Rhode Island: 60.0%
- Percent of renters in Rhode Island: 40.0%
- Median annual income in Rhode Island: $44,050
- Average credit score in Rhode Island: 692
- Best Rhode Island city to live in: Barrington, RI
- Median Rhode Island home value: $133,000
When to Refinance in Rhode Island
Determining the best time to refinance can make the process much simpler in the long run. Start by keeping track of current rates. If current rates are lower than 2% less than what you are currently paying, you should refinance soon; otherwise, you should consider waiting to refinance. Also, be careful of expensive penalties and fees associated with paying your current mortgage off early. This is one way in which borrowers encounter unexpected expenses that could potentially overshadow the savings that borrowers would have had through a refinancing package alone. Also, beware of any closing costs or fees associated with your new loan. Again, these can be inflated amounts of money that you will have to pay, so make sure to only sign onto a program that has no or low closing costs.
How much house can I afford in Rhode Island
One of the biggest problems facing Rhode Island’s homebuyers is figuring out how much house you can afford. We have some great online mortgage calculators that can help you figure how much home will fit into your monthly budget.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.