If you are thinking about purchasing a home, it is important that you start preparing for the mortgage application and the paperwork that it requires.  If you are paying cash for the property please disregard the following.  But if you are like most home buyers you will need some mortgage loan financing.  
When you apply for a mortgage loan with McCue Mortgage Company we will need to do what is called a full documentation loan.  Conventional, VA, FHA, CHFA, DAP and Rural Development mortgage loans all require that we be able to back up what is entered on the mortgage … (2 comments)

rural development: VENTURE OUT INTO THE MARKET - 11/14/09 05:35 AM
What a great opportunity exists in the real estate market for homebuyers.   Rates continue to stay down.  Conventional rates are in the high 4's - low 5's for 30 Year Fixed Rate Mortgage Loans.  CHFA (Connecticut Housing Finance Authority) offers their 30 Year Fixed Rate Mortgage Loans at 4.625% with 1 point and in some cases even as low as 4.375% with 1 point.  
Home prices are much more affordable than 1 year ago and the tax credit program for homebuyers has been extended and expanded.   Up to $8,000.00 is available to most first time homebuyers and up to … (2 comments)

rural development: OPEN HOUSE VISITS - 01/05/08 10:18 AM
Sunday is a popular day for Open Houses in southeastern Connecticut.  I intend to visit 8 Open Houses in Norwich, Montville, Stonington and Niantic/East Lyme.  Some are being hosted by experienced long time Realtors, others by newcomers.  I hope to meet them all and leave my Open House flyers designed by Active Rainer George Souto.  There is business out there and I intend to make sure that we at McCue Mortgage Company be in a position to help as many homebuyers as possible. 
CHFA, VA, FHA and RURAL DEVELOPMENT are all available mortgage programs with low rates and low or no downpayment.  This is … (5 comments)

rural development: WE NEED TO SPREAD THE GOOD NEWS - 11/24/07 02:53 AM
If you are a first time home buyer there is lots of good news in the real estate market.  This news includes good competitive rates. Most 30 year fixed rates are holding in the high 5% - low 6% range.
The mortgaga programs such as VA, FHA, CHFA & Rural Development are still available.  They are not impacted by the sub-prime mortgage issues.  VA still offers 100% financing to the veterans.  FHA still offers low down payment financing for non-veterans.  CHFA(Connecticut Housing Finance Authority) offers a DAP (Downpayment Assistance Program) to home buyers with low funds available for down payment and closing … (7 comments)

rural development: BACK TO THE BASICS - 11/11/07 08:58 AM
Have you noticed that the old standbys of Conventional FNMA/FREDDIE MAC, GOVT (VA, FHA, Rural Devel, CHFA) and JUMBO loans are back?  ( or maybe they never disappeared )
Almost every article that I read in the paper or every segment on the TV talks about the problems that people are having with their Option ARM's or Interest Only loans.  The homeowners that have the old standards don't appear to be making the news.  I would assume that this is happening because the homeowners with the old standards were not buying beyond their means.  Their loans were underwritten with the guidelines that … (3 comments)

rural development: IT'S GETTING BUSY OUT THERE - 09/02/07 11:14 AM
What a pleasant surprise it has been, this month of August.  I've been a part of McCue Mortgage for the last 27 years and historically August has been one of the slow months of the year.  It always seems that with children getting ready for school, summer vacations and lots of other things to do in Southeastern Connecticut, August has been a month that was just never that busy.
Not August 2007.  This month, the number of mortgage applications I wrote, made it one of the best months this year.  We have always focused on VA, FHA, FNMA, FREDDIE MAC, RURAL DEVELOPMENT and CHFA.  This year, with the real … (4 comments)

rural development: HALFWAY THROUGH THE YEAR - 07/01/07 03:11 AM
Happy July 1st !  We are halfway through a very interesting year.
For all the predictions of gloom and doom in the real estate arena, everything seems to be OK for most people involved in real estate.
Most of my business at McCue Mortgage has always been Conventional, CHFA, VA or FHA.  The sub-prime melt-down may be hurting those involved but most buyers and sellers weren't looking for or needing sub-prime loans.  I always tried to find an alternative to sub-prime for my credit or income challenged home buyers.  I did not look at sub-prime as my main source of business. 
Realtors, appraisers and … (3 comments)

rural development: IT'S TIME - 04/15/07 08:34 AM
Did you know that 100% financing is alive & well at McCue Mortgage Company?  With the sub-prime lenders pulling back from 100% financing in a lot of instances we are still offering many different options for the prospective homebuyer with little $$$, but the desire to own a home.
These options include:
NO-NO COMBOVATHE ONEASSETS ONLYCONDO SOLUTIONEA-I, II, IIIBEAMER ARM'SCHFA-PMI-DAPCHFA-VACHFA-FHA-DAPCHFA-RURAL DEVELOPMENTCHFA-ADDICHFA-URBAN REHAB.-DAPEASY FIRSTFLEX 100Many of these mortgage programs include a first and second mortgage, some are limited to certain areas, some have income limits and /or sales price limits but none are sub-prime loans.  All are offered at market rates or below.
Did you … (4 comments)

rural development: Lots Of Dollars Available When You Don't Have Lots of Dollars - 12/09/06 08:37 AM
Prospective homebuyers have lots of options available to them in the mortgage markets, even when they don't have lots of money.  Consider the following:
VA - 100 % financing and the seller can pay the closing costs and prepaid items for the buyer.
CHFA-FHA-DAP - this combination of 3 government programs allows buyers to finance everything, house, downpayment and closing costs.
ADDI - The American Dream Downpayment Initiative offers a grant of up to $25,000.00 for downpayment and closing costs.  Stay in the house for 5 years and the grant does not need to be paid back.
Easy First - Conventional financing with no money … (4 comments)

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Philip Turner

Mortgage Banker Since 1980

New London, CT

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Office: (860) 444-0650

Fax: (860) 443-8108

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Mortgage information and lots of other thoughts from a long time SE Connecticut home financing professional.




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