Rhode Island at a Glance
Population
1,052,567
1,052,567
Average Household Income
$97,908
$97,908
1 teacher to every 14 students
Top 3 Industries: Agriculture,
Manufacturing, & Tourism
Manufacturing, & Tourism
The first step in having a successful home loan experience is finding the right mortgage lender.
Financing a home can be an exciting experience, but at the same time, it can also be one shrouded in mystery – especially for first-time home buyers. The dedicated financing professionals at NewFed Mortgage Corp. will be happy to assist you through every step of the process. We’ll help you find the best mortgage solution for your situation; we understand how important it is for you to feel comfortable with your home loan over the long term. Our top concern is our customers’ satisfaction, and we truly value the relationships we make along the way. When you work with NewFed Mortgage Corp., you can rest assured that you’ll be priority number one throughout the entire financing journey.
NewFed Mortgage Corp. provides mortgages for every stage of life, and if you’re searching for your next property in the tiny but mighty state of Rhode Island, we’re here to help get the process going. Rhode Island is an attractive destination filled with possibilities. It’s home to serene beaches, exquisite cuisine, and breathtaking properties large and small. While it may be the smallest state by area in the U.S., Rhode Island is brimming with spectacular locales, including Providence, the state’s historic capital and home to the revered institutions of Brown University, Johnson & Wales University, and the Rhode Island School of Design. Providence is also known for its extraordinary seafood and Italian restaurants.
Other noteworthy communities are Prudence Island, Narragansett, Bristol, and the oceanside enclave of Westerly. There’s also Jamestown, a fantastic place to own a vacation home given its quiet island atmosphere and the vistas of Beavertail Point, as well as Mount Hope, an ideal location for young professionals due to its appealing property prices and proximity to major highways. If you’re raising a family, then Narragansett and South Kingstown are attractive for their superb public schools. And while Newport is a hot destination for sailors, mansion gawkers, and beachgoers, it’s also a great place to set down roots. Like Warwick and Providence, Newport has bustling urban setting with a vibrant social scene as well as a diverse array of properties at all price points. Then there’s the salt and sand of the Point Judith/Snug Harbor area, where summertime visitors catch the ferry to Rhode Island’s offshore gem, Block Island. This is undeniably a state that packs an incredible amount into its limited area.
Mortgage Property Types
Rhode Island is a terrific state to own a property, whether you’re just starting out, looking to upgrade your residence, or searching for a bucolic place like Little Compton or Charlestown to retire to. It’s home to classic New England Colonials, coastal cottages, and of course, palatial Gilded Age mansions (which draw the year-round attention of tourists across the globe). Surfers are drawn to the Narragansett Pier area’s reliable waves, and boaters can find a convenient place to keep their vessel thanks to the Ocean State’s plentiful harbors and marinas.
The most common property types available in Rhode Island are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
