Jamestown - This is one of the last remaining vacant lots in the "Ocean Highlands" area offering views of Fort Wetherill State Park and beyond to the bay and across to Newport's Fort Adams. The original subdivision dates back to the late 1880's with wonderful classic period shingle-style homes. Ownership provides the rights to become a member of the "Dumplings Association" which has a wonderful swimming pier along Dumpling Drive, as well as water access to the waters Mackerel Cove just a short stroll away. A majority of the lot has recently been cleared, with exceptic of mature hedges, significant trees, and othe rplantings. Engineering work has been completed, and currently a 3-bedroom OWTS (septic design) has been approved by RI DEM. Further engineering may allow for a larger system depending on house design/location. Time is now to call your architect and design and build your dream home on this fabulous location. Jamestown is the "Jewel of Narragansett Bay" an island oasis, yet conveniently connected to the mainland and Newport for easy commute to Providence, Boston, and a train ride to New York.
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Our Executive Mortgage Banker:
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$1,575,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 401.474.4879
Whitney.Rugg@raveis.com
NMLS Mortgage Loan Originator ID 7654
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,260,000 | $1,260,000 | $1,260,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.000% | 6.750% | 6.500% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.377% | 6.851% | 6.664% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $7,554 | $8,172 | $10,976 |
Total Monthly Payment | $7,679 | $8,297 | $11,101 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.