Refinance Mortgage Rates in Rhode Island

It’s no secret that homes have become not-so-affordable in Rhode Island. With the median home price exceeding $200,000, the state has some of the highest property values in the nation. Fortunately, public and private lenders today are offering sensible, affordable loans for underwater home buyers, people in need of home repairs, and Rhode Islanders just looking to refinance.

Short Refinancing Loans for Underwater Homebuyers in Rhode Island

Underwater homeowners owe more on their mortgages than their homes are actually worth. FHA-approved banks offer the FHA Short Refinance and other partial debt forgiveness programs to such customers.

What’s “short” about the loan? The loan name acknowledges that borrowers are “falling short” on their original mortgage agreements. New refinance mortgage rates in Rhode Island can help homeowners save substantially every month; even a 1% drop in interest rates can make refinancing worthwhile.

People who are current on their loans and choose shorter-term loans can secure the lowest interest rates. However, loans with 30 year refinance rates might be more attractive for their lower monthly payments.

FHA Home Renovation Loans

The U.S. federal government actually has an interest in keeping your home attractive. When individual homes are well-kept, they help form desirable neighborhoods, productive communities, and a strong nation. The Federal Housing Authority (FHA) can help you repair or remodel your current home or a fixer-upper that you’ve had your eye on. The FHA’s Streamline 203(K) Mortgage, or Streamline (K) Limited Repair Program, helps buyers improve and upgrade properties before move-in. Up to $35,000 can be added to the mortgage loan for renovation. These loans can be used for rental properties as well as owner-inhabited homes.

Mortgages for Energy Efficiency

Since 1992, the Federal Government has promoted energy savings and helped protect the natural environment by offering EEMs, or energy efficient mortgages. No closing cost or down payment is figured into these home improvement loans. To qualify, a homebuyer or homeowner must have his or her property inspected and then agree to meet certain standards of energy efficiency. For example, a homeowner might add insulation to the garage, weatherstrip windows, and purchase an EnergyStar refrigerator. Some homeowners even go beyond federal recommendations and install solar panels and other high-tech energy savers. New Rhode Island refinance rates are inspiring many homeowners to think long-term and start planning for monthly energy savings down the line.