Congratulations on taking your first step toward home ownership. Buying your own home is one of the most important decisions, and perhaps the biggest investment, you’ll make in your lifetime. Buying a home can considerably alter your lifestyle and financial circumstances, and you want to be as prepared as possible. This includes understanding the lending process, managing your finances, and maintaining the investment you call home. Better Living Realty has a network of Mortgage Brokers who can assist you with:
Are these some question you can’t answer yourself? Contact a Better Living agent and they can refer you to a Mortgage broker that can answer these questions for you today! Contact Us (203) 756-2520
Connecticut offers several homes and properties for sale. But no matter if you choose a condominium or a multi-family house, securing a mortgage is a crucial purchasing step. The Mortgage broker we refer can help assist each client through the steps of the application process and refinancing. Better Living Realty has access to get up-to-date mortgage rates and do everything in their power to make your home buying a great experience.
Types of mortgages
Most mortgages fall into one of two categories: fixed-rate and adjustable-rate. A good mortgage broker will clearly explain the benefits of each type and help you determine which is best for you. Here are a few highlights:
Adjustable-rate mortgage (ARM)
Additional Loan Considerations
In addition to the traditional fixed-rate and ARM loans, they are a variety of other loan options, like programs for low-income families, veterans or union members. As you shop around for loans, make sure to ask if you qualify for any special loan programs. Here are a few things to consider:
The Federal Housing Administration and the Veterans Administration offer loan programs with low down payment requirements. The FHA allows as little as a 3.5% down payment and there may be no down payment required for VA loans.
Low down payment loans
Some lenders also offer low down payment loans. You may be able to put as little as 3.5% down.
Alternative loan terms
Most mortgage loans are 30-year loans. However, there are also 10, 15, 20, 25 and 40 year options. This saves you money initially, and may help you qualify for a more expensive home. However, your payments will increase quite a bit when interest rates are rising. And as the index goes up or down, your payments will also change at each scheduled adjustment date. Please consider: In most cases, there are “rate caps” to limit the amount your interest rate can go up or down.
Note: You should know that buying a home is a big responsibility. You can speed up your loan process by obtaining your credit report immediately. Get in touch with one or all three credit bureaus that supply reports to lenders:
Equifax – www.equifax.com
Experian – www.experian.com
TransUnion – www.transunion.com