Picture yourself owning a newly built home on a 4. 57-acre parcel of land in the highly sought-after Pilot Hill Area. Collaborating with Meridian Custom Homes, a comprehensive design for a custom-built home has already been crafted, facilitating a seamless transition from raw land to a personalized residence. This new construction project means you'll enjoy a modern, energy-efficient home tailored to your specifications. This exceptional opportunity allows you to create your custom Block Island vacation home, complete with an engineering survey, approved Site Plan, and OWTS endorsement from the Town of New Shoreham. These approvals ensure a smooth path to realizing your dream, capturing the essence of Island living. Surrounded by stunning scenery and conveniently close to all Block Island amenities, this property offers a lifestyle blending tranquility with adventure. The groundwork is already in place, bringing you one step closer to owning a piece of Block Island paradise. Don't miss this extraordinary chance to design and build your perfect sanctuary in this captivating environment. Seize your slice of Block Island tranquility today and start living the Island lifestyle you've always dreamed of. *Design includes Main house with 3027 sq. ft. and a Guest House with 672 sq. ft. *Images are of previously built home and may depict features and views not included herein. *Taxes TBD by Town because of recent subdivision. *See land MLS listing #1359094. *TOO BE BUILT*
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To learn more about our credentials, visit raveis.com today.
Our Executive Mortgage Banker:
Our Insurance Division:
$4,445,000
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 | $3,556,000 | $3,556,000 | $3,556,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.500% | 6.250% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.821% | 6.396% | 5.990% |
Monthly Tax Payment | $0 | $0 | $0 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $20,191 | $21,895 | $29,529 |
Total Monthly Payment | $20,316 | $22,020 | $29,654 |
* 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.