Pawucket, located at the intersection of the Blackstone River and the upper tidewaters of Narragansett Bay , became a keystone of America ’s industrial history when Samuel Slater built and operated machines that spun cotton into yarn in 1793. Machine shops and iron-working concerns followed, as well as a thriving textile industry. Today, Pawtucket is home to over 300 industries, the largest being jewelry manufacture, silverware and textiles. The population has grown to over 74,000, and the town figured prominently in the feature film “Outside Providence.”
The Pawtucket real estate market is small, but there are deals to be found if you are considering relocating. Home values have increased steadily in recent years, and securing a home loan or mortgage refinance for your move is a simple task. There are a number of refinancing, mortgage and home equity loan options available for your Pawtucket move.
These are the most common:
Most people choose the Traditional Mortgage, usually a Fixed Rate mortgage which holds steady at the same interest rate for the entire life of the loan. There are also Adjustable Rate Mortgages (ARMs), which adjust the rate throughout the life of the loan based on current market rate. These sorts of loans have so-called “caps”, so that the rate cannot go any higher than a certain point. ARMs are often chosen by homeowners who want a lower payment at the beginning of their loan and who may sell their property in a few years.
Your home loan professional can talk to you about Non-Traditional Mortgages, including Interest-Only loans which leave the principal untouched while you only make payments on the interest. The payments are far lower, since you are only paying the interest, but you should be aware that when the life of the loan is complete, you still owe the full amount.
Balloon Loans are another non-traditional mortgage source. There are very short-term loans, usually about five years, with very low interest. The payments are low because a large “balloon payment” comes due at a specified time. These are also a good choice for homeowners who intend to sell in a few years. An Option ARM is another non-traditional loan type, which lets you choose from month to month how big of a payment you will make: the minimum payment, an interest-only payment, or an amortized payment. This is a good choice for borrowers whose income varies from month to month, as they can pay more on the loan when they have more money, or less when money’s tight.
After deciding on the type of Pawtucket mortgage loan that best suits your needs, start looking for a lender or mortgage broker to help you out. Research will point you at lenders who offer good customer service and a variety of packages. Direct lenders, like banks and finance companies, loan their own money, but you can also work with a mortgage broker who represents a number of different lenders. Your lender or broker can explain discuss interest rates, loan costs penalties and other details to you. Make sure you get a quote in writing. You can also talk to them about refinancing your current loan to lower your monthly payments.
Your Pawtucket loan professional can also help you to get your paperwork in order because you will need W2s, pay stubs, bank statements, and brokerage statements, plus other documents that your lender will ask you to provide. Bring them the documentation in person or fax copies of these documents to them. You may need to have some documents notarized and you can then send them in the mail. Always photocopy both sides of any two-sided document because that other information may not look important, but your lender may need it.
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