Current Rhode Island Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is a Fixed Rate mortgage better than an Adjustable Rate mortgage?The answer to this question depends on your situation. Many people prefer fixed rate mortgages with the low rates available today. If you are going to stay in your home for a short time, an adjustable rate may make more sense. Very popular options offered exclusively through zionmortgages.com are ARMs. These loans provide the security of a fixed rate loan and the lower rate benefits of an ARM. When you select your loan preferences, we will recommend the loan best suited for your needs.
What is the 30 Year, 10/1 ARM?
zionmortgages.com has attracted much attention by providing exclusive loan programs that provide the security of a fixed rate with the lower rate benefits of an ARM. This loan offers a low fixed rate that can only adjust after 10 years, at which point it will adjust yearly for the remaining 30 year term, according to the weekly average yield of the one-year LIBOR. Interest rate adjustments have a 2.25% margin, with an annual 2% adjustment cap, and 10% lifetime adjustment cap from the start rate. A lower rate means a lower payment, which allows you to qualify for a larger home.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
