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Cranston, RI Mortgage Refinance in Rhode Island

We make it easy to get the lowest mortgage refinance interest rate in Cranston, RI.

Our loan specialists can customize a loan that is perfect for your needs. In no time at all, Cranston, RI residents can be on the way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.

When Should I Refinance?

The best time to refinance is when interest rates in Cranston, Rhode Island drop below the rate of your current mortgage.  With a lower interest rate, you'll save money on your mortgage payment every month.  Be sure to read our article titled Reasons to Refinance Now.

Turn Your Adjustable Rate into a Fixed Rate

With adjustable rates on the rise Cranston, RI residents can benefit greatly from refinancing your home for a low fixed rate.  These benefits include a lower monthly mortgage payment, and the security of knowing your mortgage payment won't increase.

Cash-Out Refinancing

Using the equity in your home, you can refinance your mortgage for a higher amount than your current principal balance and receive the extra funds as cash.  You can use this money however you would like, including, remodeling your home, paying off high-interest rate credit cards, paying off student loans, or consolidating all your debt.  How much cash out you can receive by refinancing depends largely upon the principal balance remaining on your mortgage and the amount of equity in your home.

Eliminate PMI

Private Mortgage Insurance is usually required if your downpayment on your home was less than 20 percent.  If your home equity has increased since your purchase, you may have enough equity to elimate that PMI payment by refinancing your mortgage.

Save Thousands in Interest

When you refinance your home you can decide to switch your mortgage to a shorter term, such as 10, 15, or 20 years.  Depending on how much lower the refinance rate is, you will likely pay more per month for this shorter term home loan.  However, in the long-term you are saving thousands in interest.  And because more of your monthly mortgage payment goes towards the principal, your home equity will increase much quicker.

Mortgage Refinance Calculators

Mortgage Payment Calculator
Refinance Savings Calculator
Refinance APR Calculator
Refinance Points Calculator 

Refinance Articles

Reasons to Refinance Now
Beat the Subprime Mortgage Crisis 
Return to mortgage refinance in the state of RI

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Cranston, Rhode Island News
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Serious Car Accident in Cranston Sends 3 to Hospital

ABC 6 News is covering Breaking News out of Cranston, where a car accident has sent 3 people to the hospital.


Debate continues over state's new sex-offender bill

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I-Team: Performers waiting for their paychecks

Many of the nationally known performers who played at the Italian Arts and Music Festival in Providence in August are still waiting for their checks.


R.I. union employee faces bribery charge

A Cranston, R.I., labor union employee was arrested yesterday for his alleged involvement in an illegal payment conspiracy between the union and two construction companies following an FBI investigation that ...


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There were no easy answers last week as the mayor, City Council, School Committee and members of the local State House delegation met to discuss a looming budget deficit, but when they finished, it was clear ...


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Many social advocates across Rhode Island point to a "perfect storm" of adverse forces -- the fiscal crisis, budget deficits in RI, the foreclosure mess, high unemployment, etc.


Police investigate assault on officer

The Cranston police chief says his department is investigating a felony assault on an officer in that city.


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A few citizens and businesspeople in Pawtucket initially expressed shock upon hearing the news: that BusinessWeek magazine had declared their fair city as the best, most affordable "community" in which to raise ...


Tillinghast, 17 Others Arrested and Arraigned

Authorities cast a net across Rhode Island today for 18 suspected mobsters. ABC 6 reporter Julie Ruditzky has the full story... PLUS, Here's a Rundown of the Full Indictment List: The following people are ...


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Cranston pedestrian victim ID'd as 86-year-old

The police today said 86-year-old Luetta Burnham, of Cranston, was the woman who died after being struck by a vehicle as she was crossing Cranston's busy Reservoir Avenue yesterday.


Benefit tonight, protest tomorrow for Marriage Equality RI

Marriage Equality RI has a benefit tonight . . . Cranston - Although the Ocean State is now officially the "Island of Inequality" when it comes to equal marriage rights for its gay and lesbian citizens, hope ...


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Court-appointed defense lawyer Mark Smith waived his right to present an opening statement and immediately called his first two witnesses yesterday as the prosecution rested its case in the murder retrial of ...


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"Every other company said they could not help us. After speaking to about five companies, we really believed that no one could. Then we called Somerset, and your company proved us and those other companies wrong. We can't thank you enough for all your hard work and effort in getting us a low fixed rate. We can now breathe easier..." - L. Braun
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