Best Mortgage Refinance Companies in Cranston, RI

Cranston, RI Mortgage Refinance FAQs

• Are you required to have a real estate attorney when you refinance your mortgage in Cranston?

  Not really, but hiring an attorney in Cranston does have some benefits. They can help you avoid scams, protect your interests throughout the process, and simplify the refinancing procedure. Rhode Island laws only require you to have an attorney to conduct a title examination. These laws also allow you to choose any lender you want for your home purchase or refinance.

• How many years should pass before you can refinance a primary home granted with down payment assistance from the City of Cranston?

  You can refinance after five years. If you do so before this, you have to pay in full the downpayment assistance to the Cranston Department of Community Development. The same also happens if you sell or change the title to the property and no longer make it your primary home. Details about this matter can be directed to the department through its phone number at (401) 780-6240 and office location at 35 Sockanosset Crossroads Unit #6 Cranston, RI 02920.

• What can be the effect of getting a cash-out refinance in Cranston?

  A cash-out refinance most likely changes the terms of the mortgage. Some of these changes include an increase in the amount owed or the number of years to pay the whole mortgage. Another possible effect can be owing more than what is the value of the home, which can be detrimental to the borrower in Cranston if property prices fall.

• Is there a smart way of asking the refinancing interest rate from a lender in Cranston?

  A lender in Cranston must always ask about your credit profile before giving a refinancing interest rate. These lenders are doing you a great disservice if they give a definite answer without knowing such information. Additionally, you must supply all the information indicated below to be able to obtain an interest rate more or less accurate to your situation.

  • Borrower's or borrowers' names.
  • Applicable addresses.
  • Property address.
  • 2-year income or employment information.
  • Date of birth and social security information.
  • money in assets such as bank accounts

• How are homeowners in Cranston who want to refinance protected by the Rhode Island Home Loan Protection Act?

  Lenders in Cranston must follow certain guidelines when recommending a refinance. The new loan must have lower monthly payments, a beneficial change to the amortization schedule, and a final payout amount that exceeds the costs of refinancing. Additionally, an adjustable-rate loan must be changed to a fixed-rate one, and the interest rate must be lower with the new loan. Generally, the Rhode Island Home Loan Protection Act requires refinancing to be helpful to the financial needs of the homeowner or be a matter of court decision.