Mortgage rates in Rhode Island
Like most states, current economic trends contribute to the tightening and loosening of the supply of money; a situation which also plays a role in interest rates fluctuations. Other factors that help determine the interest rate a lender offers you include the type of mortgage applied for and your credit score.
Rhode Island subprime mortgages
Speaking of credit scores, if yours isn’t great, you’ll have to work harder to find both a suitable lender and mortgage. Lenders that specialize in doing business with high risk borrowers are referred to as “bad credit” or “subprime” lenders. Take extra care when choosing these lenders. Always check out the lender’s reputation and then request quotes from those with a positive track record. The Rhode Island broker directory at Mortgages.com provides contact information to expedite your search. Mortgages.com also has several mortgage calculators that make comparing Rhode Island offers easier. Before agreeing to any mortgage, make sure it’s affordable both now and, if it’s an adjustable type, after the interest rate and monthly payment adjust.
