Conforming Mortgage Limits To Increase - Connecticut Mortgage Lender: Benchmark Mortgage

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Conforming Loan Limits To Increase

In a time when non-conforming or jumbo loans are priced significantly higher than in the past due to liquidity issues, the fact that the conforming loan limit will increase to 125% of the median home price in your area with a cap of $713,000 by March of this year will really help everyone refinance some jumbo ARMs to fixed rates and finance new purchases.     

It will also really stimulate the purchase activity between buyers financing between $417,000 and $713,000.   What this means is borrowers/buyers that are now looking at houses in the JUMBO mortgage rates will now qualify for LOWER RATES which are the Conforming Rates!!!

Buyers will be able afford more and will motivate them to buy!!!!! Example: $500K mortgage today @ 7.0% Jumbo Rate = $3,326.51  if the limit was raised today to the proposed $713K then this same buyer would get 5.625% on that same loan for a payment of $2,878.28!!!! That's $448.23 A MONTH SAVINGS!!!! Now that will motivate a buyer!

Those who have a Jumbo loan now may save a considerable amount of money by refinancing their current Jimbo Loan.... Here's an example:  Current Mortgage $625,000.00 @ 6.5% = $3,950.43 P&I Payment, based on today's Conforming Rate of 5.625% that same $625,000.00 Mortgage = $3,597.85!!! That's a savings of $352.58 Per Month!!

Call your Connecticut Mortgage Specialists At Benchmark Mortgage and Find Out What A Refinance Out Of Your Current Jumbo Loan May Save You With These New Loan Limits.

Benchmark Mortgage

Connecticut Mortgage Lender

Thomaston 860-283-0000 - Danbury 203-826-8964 - Torrington 860-482-7674  or In CT Call Toll Free 1-866-334-LOAN(5626) 



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West Hartford CT Real Estate Agent | West Hartford Realtor |
ERA Broder Group - West Hartford, CT
This is great news. I believe this will free up some of the sellers who are waiting to move on and purchase their next home... Overall, I'm very encouraged by the market and the amount of transactions occuring.
Jan 28, 2008 03:49 PM #1
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