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.
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)
Thomaston CT, Torrington Connecticut, Danbury CT, Brookfield CT, Avon CT, Litchfield CT, West Hartford CT, Watertown CT, Oxford CT, Middlebury CT, Morris CT, Waterbury CT, New Haven CT, Milford CT, Norwalk CT, Fairfield CT, Stamford CT, Stratford CT, Newtown CT, Southbury CT, Hartford CT, Burlin CT, Winsted CT, New Hartford CT, Prospect CT, Southport CT, Westport CT,CT Mortgages, Woodbury CT, Naugatuck CT, Shelton CT,Bridgeport CT, Old Lyme CT,East Lyme CT, Middletown CT, Cromwell CT, Bristol CT, Benchmark Mortgage CT,Southington CT, Plainville CT, New Britain CT, Wolcott CT, Terryville CT,Newington CT,Meriden CT,Kent CT, Bantam CT, Northfield CT,Oakville CT,CT First Time Home Buyers,Derby CT, Orange CT,Branford CT, New Milford CT,Easton CT, Darien CT, Washington Depot CT,Beacon Falls CT,East Hartford CT,Waterford CT,Brooklyn CT,Dayville CT,Wallingford CT,Cheshire CT, Ansonia CT, Stratford CT,Monroe CT,West Palm Beach Florida,Key West Fl,Jacksonville FL,Miami Fl,Daytona Beach FL,Tampa Fl,Ft Lauderdale Fl,Orlando Fl,Waterbury CT,Bridgeport CT,Bantam CT,Waterforf,Newingtoc CT,Burlington CT,East Haven CT,Stamford CT,Stratford CT,Guilford CT,Essex CT