BankNew port in Rhode Island offers a variety of mortgage loan products with competitive rates. BankNewport, was founded in 1819 and is an FDIC-insured savings bank. The bank has twelve bank branches in the region. The bank provides loans for car purchases and refinances, home purchases and refinances, home equity loans and lines of credit, commercial real estate loans and business loans.
Highlights of the mortgage loans offered by the bank include:
Fixed rate mortgages that have a monthly payment that is easy to fit into a budget and doesn’t change for the life of the mortgage. Loan terms offered from ten to forty years. Adjustable rate mortgages that offer a lower payment for the first four, six or ten years depending on the term you choose. Rate caps limit rate changes at each adjustment period and protect you from payment shock. Construction mortgages which offer a one time closing for the construction and permanent financing of the home. Rhode Island Housing program is available to first time homebuyers and offers reduced rates based on income requirements.
BankNewport has the following mortgage loan products and rates:
The bank has several 30 year fixed rate mortgage products including a 30 year with no points that has a rate of 5.375% and a 5.386% APR. The mortgage payment calculator indicates a monthly payment for this 30 year loan of $1,119.94 for a $200,000.00 loan.
A 30 year fixed rate mortgage with no points and no closing cost has a rate of 6.125%, and a 6.125% APR. A quick check on the mortgage calculator indicates a monthly payment of $1,215.22 for a $200,000.00 loan.
The bank has a 15 year fixed rate mortgage with no points that has a rate of 4.875% and a 4.894% APR. The mortgage payment calculator indicates a monthly payment for this loan of $1,586.60 for a $200,000.00 loan.
The bank also has a no point and no closing cost 15 year fixed rate mortgage that has an interest rate of 5.625% with an APR also of 5.625%. The payment on this home loan would be $1,647.46 for a $200,000.00 loan based ion the findings of the mortgage payment calculator.
Mortgage rates and the annual percentage rates (APR) subject to change without notice. APR calculations are based on 20% down payment. Lower down payment options are available. Down payments of less than 20% may require mortgage insurance which could increase the APR and the monthly mortgage payment. Other home loan programs and rates are available. Additional terms and conditions may apply. These mortgage loans are available for Rhode Island, Massachusetts, and Connecticut properties.
For current mortgage loan rates and loan application information contact the bank directly at 800-234-8586. Mortgage loan rates, account information and other disclosures can be found at the bank website, www.banknewport.com.
BankNewport also provides a variety of savings products. For current bank rate information and CD rates visit www.selectCDrates.com.
Tags: 15 year fixed rate mortgage, 30 year fixed rate mortgage, adjustable rate mortgage, mortgage calculator, mortgage payment calculator, mortgage rates
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