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Connecticut Mortgages
Offering Connecticut Mortgages and Home Loans for real estate purchase, refinancing, construction, debt consolidation, rehabs, cash out, real estate investment. Fannie and Freddy Mac mortgages in Connecticut with fast and easy approvals and low interest rates with flexible terms.
Mortgages for Refinancing – Save many, many thousands of dollars on interest payments by refinancing to a lower rate mortgage. Pay off high interest non tax deductible credit card debt. Take cash out for what ever reason.
Mortgages for Buying a Home – Usually the single best investment that you can make. Purchase with No Money Down and finance your closing costs, get tax advantages, appreciation, one – four units. Finance your closing costs.
Mortgages for Building a Home – Construction loans with no payments during building phase. Up to one year to build. Converts to a permanent mortgage. Use land as a down payment.
Mortgages for Rehabbing a property - Amount based on completed value of property
Mortgages for Investors – Real estate investors can purchase or refinance with 10% down. Get cash flow and appreciation with little down payment.
Fixed Rate Mortgages – 30, 25, 20, 15, and 10 year terms. Requires minimum of 5% down. One – four units.
Adjustable Rate Mortgages - Periodic and life time caps on interest. Conversion options. 5% down payment. Choose your index – Treasury, LIBOR, MTA, COSI, CODI, COFI.
Conventional mortgage loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.
Fannie Mae and Freddie Mac mortgage guidelines establish the maximum mortgage loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year. The 2005 conforming loan limits for first mortgages are:
Loan Limits for:
2005
2004*
2003
2002
One-family
$359,650
$333,700
$322,700
$300,700
Two-family
$460,400
$427,150
$413,100
$384,900
Three-family
$556,500
$516,300
$499,300
$465,200
Four-family
$691,600
$641,650
$620,500
$578,150
The maximum loan amount is 50 percent higher in Alaska, Guam, Hawaii, and the Virgin Islands. Properties with five or more units are considered commercial properties and are handled under different rules.
Mortgage Notes - Some lenders will keep the mortgage for their own portfolio instead of selling it to Fannie Mae of Freddie Mac. Their loan limits for “conforming mortgages” can go to $700,000 and greater without being considered a Jumbo and without any increase on the rates offered.
Mortgage PMI – Mortgage Insurance is usually required if the LTV is greater than 80%. An alternative to this is a first mortgage and a second mortgage, also know as a “piggy back” mortgage. An additional benefit is that ALL of your monthly payments go to the reduction of principle (on your 2 loans) and may be tax-favored. PMI doesn't give any tax advantages and the money paid for it simply vanishes every month. An additional advantage to this form of financing is that the rate on the first mortgage is usually lower than if you were to simply have a first. The payments for having a first and second mortgage instead of having just a first and PMI are almost always LOWER.
Mortgages are probably the single most important aspect of buying a home. You may find the home of your dreams but if you are unable to obtain mortgage financing, you most likely will not be able to buy a home (unless you have all cash). There are also significant TAX ADVANTAGES in having a mortgage since interest is usually tax deductible.
Call 860-225-5731/712-5553
