The bank is refusing to offer a fixed-rate mortgage on a home since there are no comparable sales?

Your problem is that you went to a bank. You should always work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

That makes zero sense to tie the lack of comparable properties to the type of mortgage offered. Your bank must have very limited resources. You should explore only one option - find a local mortgage broker.

Hello.I am not licensed in RI, The fact that there are no comps probably made the bank feel like they couldn't sell it on the secondary market, thus requiring a portfolio loan which are usually ARM's. I concur with the comments listed here. You should talk with a broker or lender that sells to other insitutions to get a better feel of what is available. If there are truly NO COMPS, the search for a lender willing to do this loan may be futile. Another option is to check with local banks to see if you can find one that has fixed rate portfolio loans, as well. Hope this helps.

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

We scream it here daily. Stop going to a bank! At a bank, credit union, or mortgage company owned by a bank or credit union, you are dealing with unlicensed, lightly trained APPLICATION CLERKS. Only deal with licensed mortgage professionals. Furthermore, banks only offer their own products, while non-bank lenders offer the products of many lenders - therefore giving you dramatically more options!

The fact that there are not comps available should have zero bearing on being able to get a fixed rate loan but can get an ARM...sounds like a bunch of crap to me. As many other s here have said, get with a local mortgage broker and see what they can offer you, stay far away from the big banks.

That is one of the disadvantages of using a bank. Banks offer limited products and if you don't fit in the box you are out of luck. I am a local licensed mortgage broker here in Rhode Island for over 15 years and can go over your options with you. We work with over 25 lenders and am confident we can find what you want. Feel free to call 774-488-1359 or email me at jpaulino@accutrust,biz. Best of luck, Jim Paulino nmls#20458, www:accutrusthomeloans.com

Speak with a mortgage broker that covers RI do not go to a bank.

Hi I concur that really makes no sense and it sounds like the bank does not want the loan or can not find a product to help you.Call me to discuss further so I can get some detailed information. Thank you

I would suggest like the others that you utilize the services of a local RI mortgage lender. I am located in Cranston, RI and also have an office in Warwick, RI. By switching, a new appraisal will be done and the rates are not tied to the lack of comparable sales. The rates would be tied to the type of program selected, your credit score, loan to value and loan amount. Feel free to contact me if I can be of any assistance. I would be happy to help.