Bristol Home Mortgage

When looking for a home mortgage in Bristol, RI, there are a few things to remember and to watch for that are of importance to home owners in that area. Mortgage rates are similar to nationwide averages in Bristol, RI. Insurance may be a little higher, because of recent flooding. Having flood insurance for your home in Bristol would be a necessity.

Home mortgage averages nationwide right now are very low. The 30 year fixed mortgage is the most popular type, because of the long term and that payments are lowest. A good current rate is down around 4.87%, which is almost an all time low point and a great bargain for those persons who qualify with a good or excellent credit score. For 15 year mortgages, rates are also very low, at 4.19% on a fixed interest mortgage. Fixed rates are preferable because they do not fluctuate with the prime rate changes over time. Homeowners with fixed rate mortgages in Bristol, RI, and elsewhere can enjoy knowing their monthly mortgage payment will remain the same for the term of the loan.

Shorter term adjustable rate mortgages (AR M) in Bristol can be found with very low interest rates. A 1-year ARM interest rate is 3.22%, and the 5/1 ARM is at 3.66%. The problem with ARMs is that if the prime rate rises, which it is likely to do since today’s rates are so very low, the mortgage payment can rise dramatically.

Conventional loan limits are at $417,000 for a single family mortgage. Any home priced above that would be financed with a Jumbo mortgage and special rates. Limits are higher for multiple-family homes, up to $801,950 for a four-family property.

In Bristol, RI, the ratio of occupied homes to vacant homes is better than the national average ratio. About 8% of Bristol homes are vacant, compared to about 10% nationwide. Vacant and foreclosed homes are a great bargain today in Bristol and elsewhere, as many people cannot keep up with payments on older higher interest mortgages or ARMs and balloon mortgages that are coming due. High unemployment and bad economic conditions unfortunately reach Bristol just like they do everywhere else today.

If you are seeking a mortgage broker, Bristol, RI, has a local source: East Coast Financial Corp. Try contacting a Bristol realtor at these local real estate companies: East Bay Property Management, Raiola Properties Inc, or Coldwell Banker.

There are also many low interest rate mortgage opportunities to be found through Internet listings of reliable mortgage lenders, so finding a mortgage to purchase a home in the Bristol, RI region of the United States should be both competitive and possible. Working with a local real estate agent to find a property is the best way to begin. Once you know what you want and that it is available, seek out the funding to make your purchase.