Select The Type Of Aid You’re Seeking:
As a Rhode Island first time home buyer, there are many important things you need to do before purchasing real estate, but one of the most important is to actually research the market. You will hear terms like “buyer’s” and “seller’s” markets. Make sure you understand when it’s the most beneficial time for you to buy real estate. For more information on the availability of financial assistance for 1st time property purchasers in the Ocean State, be sure to visit first time home buyers in Rhode Island for complete details on local programs available to you.
Home Mortgage Tip:
Avoid paying Lender’s Mortgage Insurance (LMI), by giving 20 percent or more down payment when financing a mortgage. If you borrow more than 80 percent of your home’s value, the lender will require you to obtain LMI. LMI protects the lender for any default payment on the loan. It is usually a percentage of your loan’s value and can be quite expensive.