Connecticut Mortgages
When you are shopping for a mortgage here in Connecticut you should consider all the options available to you as a borrower. Your mortgage consultant should be someone educated in the mortgage business and someone who knows the products available to you to help guide you to the right final mortgage choice.
The rate is not the only thing to consider when getting a mortgage, some of the things to consider is the cost over the life of the loan and the best value for your situation. The lowest rate does not always mean the lowest cost.
For example:
Here in CT CHFA offers first time home buyers a great opportunity to purchase a home with no money down and a great fixed rate but there are some rules, there are income limits and purchase price limits, both are based on the area you wish to purchase a home in. All CHFA loans come with an origination fee of 1% of the loan amount. Another thing to be cautious of is the recapture tax that the state can charge in the first 10 years if you sell your home. While CHFA is a great program I would consider taking a look at the Fannie or Freddie Flex 100 type programs as an alternative. Many times the cost of savings in going with CHFA vs a Flex 100 program is minimal. Sure at first you may see a lower rate with CHFA but after you factor in the 1% origination fee and the recapture tax maybe it's not the best program and cost for you.
There are hundreds mortgage programs and you should make sure that you have a mortgage consultant that is willing to take the time to talk to you about your short and long term goals, find out more about you and your financial situation. Maybe you are married and your wife is in nursing school and you know that you will have a hefty increase in salary from your wife in 2 years so a Interest Only mortgage may be a good fit for you, maybe you plan on only being in the home 2-3 years so a ARM has a better cost and rate or maybe you have a planned investment with a financial planner and want the lowest possible mortgage payment a month. There are hundreds of possibilities and the right mortgage consultant will dig deeper with you to help you plan your financial future.
Don't settle for a one size fits all mortgage when buying or refinancing your mortgage, get a consultation from someone who is qualified and will invest their time to help you make this decision in your best interest.
Contact Leo Namiot For Free A Free Mortgage Consultation
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