Refinance Your Mortgage

Looking to save big on your monthly payments? Need cash out to pay off debt or make home improvements? Get a great low rate and a quick closing from your personal mortgage team.

Finance Your New Home Purchase

Found a home and now you need a mortgage? Save money and time by getting your mortgage the smart way with our fast, easy, and secure process.

Get Your Pre-Approved Mortgage

If you're starting to look for a new home, save yourself time and gain an edge over other home buyers. Get a mortgage commitment before you shop.

Borrow 125% of Your Home’s Value

Need to consolidate your high interest debt? Or just need money for home improvements, college tuition, or a vacation? Then apply now for our amazing 125 Equity Plus loan and borrow up to 125% of your home's value


Types of Loans

There are many types of mortgage programs available. The right type of loan for you depends upon many factors:

  • Your current financial picture
  • How you expect your finances to change in the future
  • How long you intend to keep your house
  • Your preferences regarding fixed versus adjustable payments

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher than a 30-year mortgage. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could increase when the interest rate changes.

Use this section to learn about fixed rate mortgages and adjustable rate mortgages , but before you make a decision, be sure to discuss your finances, your plans and financial prospects, and your preferences openly and honestly with your Back Bay loan professional. This will ensure you get the best loan for you!



Fixed Rate Mortgages

These feature a fixed interest rate for the life of your loan, so your monthly payments (principal and interest) will always be the same. Most homebuyers choose 15- or 30-year fixed rate loans, although 10- and 20- year loans are also available. These are usually your best choice when interest rates are low and you plan to stay in your home for at least five years.

Back Bay’s array of fixed rate mortgages include home loans for a variety of potential homebuyers. These include:

  • Low and no down payment programs: these are often ideal for first-time buyers and buyers who have not saved a large down payment, but prefer to buy a home and begin building equity immediately.
  • Government programs: home loans that are sponsored by the FHA (Federal Housing Authority) and VA (Veteran’s Administration).
  • Jumbo loan programs: loans for homes over $320,000.
  • New construction programs: we offer both lot loans and combination building and construction loans (One-Time Close).
  • Second mortgages: these are often combined with first mortgages to eliminate the need for private mortgage insurance (PMI).
  • Equity-based loans: these enable existing homeowners to tap into the current equity in their homes, which is the amount of the original mortgage that has been paid plus any increases in appraised value. (Some states prohibit or restrict equity-based loans and lines of credit. Please check with your Back Bay loan professional before you apply.)

These are just a few of our innovative fixed rate mortgages. Please ask your Back Bay loan professional for details of other loans offered.



Adjustable Rate Mortgages

Also called ARMs, adjustable rate mortgages have a unique interest rate feature that changes, or adjusts, over the life of the loan. An ARM may be attractive to you if you desire a slightly lower interest rate during the initial stages of owning your home, if you expect that your income will rise in the future, and/or if you are not planning to stay in the same home for long. Also, an ARM may have an initial interest rate lower than a fixed rate loan.

Depending on your loan’s requirements, your initial payments will be at a fixed interest rate. Afterwards, your interest rate will be adjusted by adding a pre-determined margin to a specific index like Treasury bills or COFI (Cost of Funds Index). ARMs are generally referred to as 1/1, 3/1, 5/1, and/or 7/1 - this means that the initial fixed interest rate period is for 1, 3, 5, or 7 years, respectively, and then the rate is adjusted every year for the life of the loan. In addition to the adjustment period (3/1, 5/1, and/or 7/1), there are other types of ARMs, including:

  • FHA ARMs : these loans are insured by the Federal Housing Authority (FHA) and are popular with first-time buyers as they feature flexible down payment and credit requirements.
  • Jumbo ARMs : these specific adjustable rate programs are designed for homes priced $320,000 to over a million dollars.
  • Construction Mortgages : we offer both lot loans and combination building and construction loans (One-Time Close).
  • Home Equity Lines of Credit (HELOC) : these variable rate loans allow homeowners to tap into the equity they’ve invested in their homes. Unlike an adjustable rate mortgage, your interest rate may change more often than a typical ARM. (Some states prohibit or restrict equity-based loans and lines of credit. Please check with your Back Bay loan professional before you apply.)
  • Interest Only ARMs : these variable rate loans have an interest only payment for a fixed period over the life of the loan.

Back Bay offers many more ARM programs, so check with your loan professional for details.


Copyright 2003 Back Bay Mortgage. Rhode Island Mortgage Broker 20031450LB Privacy Policy

Powered By: [RawData] - Web Design, Development, & Hosting