How Much Will Your Mortgage Be in Rhode Island?
Looking to buy real estate in Rhode Island? Each state is different when it comes to housing trends, taxes, and the strength of the local economy, among other variables, which means it pays to consider multiple factors before deciding whether or not to purchase property.
New American Funding has put together a list of major aspects influencing home buying in Rhode Island so you know everything you need to prior to getting a mortgage. Our Rhode Island mortgage calculator can give you a clear picture of just how much home you can afford in Rhode Island, so make sure you take advantage of this extremely helpful feature.
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Rhode Island Home and Mortgage
Stats to Know
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Factors That Can Affect Your Rhode Island Mortgage Calculations
Price of Housing
The price of homes in Rhode Island can vary depending on the geography and the general desirability of the housing market. As they say, it's all about location, location, location. So it's always best to identify the specific cities in Rhode Island you want to purchase a home in to get a better sense of average home prices in your preferred area of Rhode Island.
Closing Costs in Rhode Island
The price of your closing costs factors in your home inspection, appraisal, and origination costs, along with title insurance and courier fees. Some of these costs, such as retaining a lawyer and title insurance, you have the ability to shop around for. Other expenses including obtaining your credit report are not up to your discretion.
Your lender is obligated to show you a Loan Estimate within three days of submitting your loan application which breaks down your closing costs. You should be aware of how much you could end up paying well before this point, however.
Overall, you can expect to pay between 2-5% of your home's value in closing costs.
Rhode Island Job Stats to Consider
As of December 2019, the civilian labor force in Rhode Island was 558,000 and the unemployment rate was 3.5%. The occupations with the highest number of employees in the state are Office and Administrative Support, Food Preparation and Serving, and Sales, which employs greater than 168,000 people.
Job Stats (Civilian Labor Force, Employment, Unemployment)
Other Rhode Island Costs That Can Affect Rhode Island Mortgage Calculations
Rhode Island Home Warranty
A home warranty can cover many of the parts and components of your home's plumbing, electrical, heating and air conditioning systems, and other home appliances. Whereas home insurance covers you for damages and loss due to unexpected disasters such as fire and weather damage, it won't do anything for your broken-down washing machine. Home warranties ensure your appliances and vital systems do not break down due to normal wear and tear.
Fortunately, there is no shortage of home warranty providers serving Rhode Island.
Home Insurance in Rhode Island
When shopping around for home insurance in Rhode Island, watch out for how much coverage you need based on the structure of your home, your personal belongings coverage, liability protection, and coverage for your living expenses.
The actual amount you will pay in insurance will vary depending on your provider and where you live.