Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)

When it comes to ARMs there’s a basic rule to remember…the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Annual ARM

This loan has a rate that is recalculated once a year.

Monthly ARM

With this loan, the interest rate is recalculated every month. Compared to other options, the rate is usually lower on this ARM because the lender is only committing to a rate for a month at a time, so his vulnerability is significantly reduced.

FHA 30 Year Fixed Rate

This program is great for first-time homebuyers.  It has great rates and only requires 3.5% minimum for a down payment.  This loan is also available for refinances.  A minimum credit score of 620 is required.

First Homes and First Homes Plus

We also offer RI Housing first time home buyer programs which allow up to100%+ financing.

Reverse Mortgage

A reverse mortgage is a retirement tool that allows senior home owners to convert home equity into tax free cash without:  1) leaving their homes, 2) having income to qualify, 3) being required to make monthly mortgage payments, and 4) having to repay the loan until the last borrower moves out.  Senior homeowners 62 or older with enough equity in their homes can qualify for a reverse mortgage.  With a reverse mortgage, the home owner retains the title to the home, not the lender.
No down payment is required.  No maximum purchase price limit.  Occupy the property as your primary residence.  30 year fixed rates.
Allows Veterans with qualifying income and credit to purchase a primary residence without putting any money down.
HECM or Home Equity Conversion Mortgage are non-recourse loans. That means, if the property is sold to payoff the loan when the homeowner passes away or decides to leave the home for other reasons, the HECM debt will be paid off using the proceeds from the sale. In this scenario, the maximum amount owed will be the current market value of the house. Should the homeowner’s heirs want to keep the home, they would pay the balance in full to the reverse mortgage lender.
USDA Rural Development Loans Rhode Island is a great program. This is a 100%  loan to value (100% LTV), government guaranteed mortgage program that is geared to help moderate income families.
DU Refi Plus program was created to help borrowers who have homes that are now worth less than their current mortgage or loan amount. The program will allow you to refinance your home regardless of the appraised value…although an approval through automated underwriting is needed and some lenders do restrict the loan to value of your home value! An example would be if your home was worth $200,000 but your loan balance is $210,000. If you need to refinance, you would not find a better program than the DU Refi Plus program to help you.