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Mortgages
For most people, purchasing a home represents a major milestone. Often, it is the single biggest investment that you will make, one that will become the foundation for your financial well-being. Determining the best way to fund your purchase will go a long way towards helping you build equity in your home. And down the road, tapping your equity may be a way to achieve other goals that you have - purchasing a second home, funding an education, or making home improvements.
- Reverse Mortgages
- Fixed Rate Mortgages
- Adjustable Rate Mortgages (ARMs)
- VA/FHA Mortgages
- First Time Homebuyer/RIHMFC
- Construction Mortgages
Fixed Rate Mortgages
Fixed rate loans feature an interest rate that remains unchanged for the life of your loan. They are ideal if you prefer a consistent mortgage payment or if you are on a fixed income. Fixed rate loans are a popular choice for new home purchases, refinancing an existing home and consolidating bills into one, consistent monthly payment.
- Should I refinance my home mortgage?
- What would my payments be for a fixed rate loan?
- Should I rent my home or buy?
- Which loan is better, Fixed or Adjustable?
- How much house can I qualify for?
- How much house can I afford?
- What would a typical rate be for this type of mortgage? (up to $417,000)
- What would a typical rate be for this type of mortgage? (over $417,000)
Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages feature an interest rate that is lower than fixed rates for a period of time and then may change annually based on a specified index rate. ARMs are an attractive option if you expect a rapid increase in your income in the next few years and wish to maximize your purchasing power now. A wide range of ARMs are available:
| You may choose any of the following: | |
| 1 year ARM | The rates* on this loan may change every year. |
| 3/1 ARM | This loan has a fixed rates* for the first 3 years and then may change every year thereafter. This loan is attractive to those borrowers who want a lower rate than the fixed rates offer or who believe that interest rates may drop over the next 3 years. |
| 5/1 ARM | This loan has a fixed rates* for the first 5 years and then may change every year thereafter. |
| 7/1 ARM | This loan has a fixed rates* for the first 7 years and then may change every year thereafter. |
| 10/1 ARM | This loan has a fixed rates* for the first 10 years and then may change every year thereafter. |
*In these programs, the initial interest rate is fixed for a period of time and then the interest rate may change annually (increase or decrease) in line with movements in the index rate specified in the corresponding note. Generally, interest rate increases result in higher monthly payments.
- Should I refinance my home mortgage?
- What would my payments be for a fixed rate loan?
- Should I rent my home or buy?
- Which loan is better, Fixed or Adjustable?
- How much house can I qualify for?
- How much house can I afford?
Reverse Mortgages
If you're a homeowner age 62 or older, a reverse mortgage could be right for you. Use the cash to supplement your retirement income, finance home renovations, or pay for long-term health care coverage.
A reverse mortgage is a loan that allows senior homeowners to convert home equity into cash while living at home for as long as they want to. You can receive payments as a lump sum, line of credit, or monthly payment for a specific term or for life. Funds are tax-free monthly payment for a specific term or for life and can be used for any purpose. Borrowers continue to own their own home. There is no monthly mortgage payment, income or credit qualifications, and the loan does not becomes due until the (last) borrower moves out, dies or sells the home.
Find out more!
- Common Misconceptions
- Answers for Senior Homeowners
- Answers for Children of Senior Homeowners
- Reverse Mortgage Specialists
VA/FHA Mortgages
If you are a veteran or planning to purchase an FHA-approved property, we offer fixed and adjustable rate mortgages with low down payments. We also provide 100% financing to customers who qualify. To learn if a VA or FHA Mortgage is right for you, consult with one of our mortgage experts.
- Should I refinance my home mortgage?
- What would my payments be for a fixed rate loan?
- Should I rent my home or buy?
- Which loan is better, Fixed or Adjustable?
- How much house can I qualify for?
- How much house can I afford?
First-Time Homebuyer/RIHMFC
Buying your first home? We have a variety of loan programs designed to help first-time homebuyers, including special loans for borrowers with low and moderate income. These loans feature below-market rates and minimal or no down payment. Programs may even be available to assist you with closing costs. Our mortgage experts can provide all the details and help you determine whether one of these programs suits your needs.
Rhode Island Housing offers below-market-interest-rate mortgages though Washington Trust. To qualify, you must meet limits on how much you can earn and how much you can spend on a new home. In most cases, you have to be a first-time homebuyer. Our mortgage experts can provide all the details and help you determine whether a RIHMFC Loan suits your needs.
Construction Mortgages
We can help minimize the stress of building a home by working with you and your builder to ensure you get the funds you need, when you need them. And when your new home is complete or after the 15- to 18-month construction period, whichever comes first, you will automatically convert to a your choice of a fixed or adjustable rate loan. Our mortgage experts make the process easy and efficient - there's one application, one approval, one closing, and competitive rates and fees.
