Are you looking for a home loan to buy the house of your dreams in Connecticut? Perhaps you are already a homeowner, but you need renovation financing. Or maybe you want to know what a Connecticut FHA loan is so that you can be prepared for anything else that comes along in the future.
This article discusses several different types of loans mortgage lenders are likely to offer.
The Fixed Rate Loan
According to reports, Connecticut's current average 30-year fixed mortgage rate remained stable at 3.22 percent.
The fixed-rate loan has a set interest and monthly payment, and it does not change for the life of the loan. The benefit of this kind of loan is that you can accurately predict your monthly expenses, but it also means that you won't be able to take advantage of them if interest rates fall.
The different types of fixed-rate loans are the traditional 30-year straight fixed, the 15-year fixed, and the 20-year fixed.
If you want to sell your home or refinance in a few years, then it might be worth considering one of these loans because interest rates are likely to rise before your loan is up for renewal.
The Adjustable Rate Loan
The adjustable-rate loan is also called a variable rate mortgage. This kind of loan starts with a fixed rate for several years, but after that, the interest rate will fluctuate based on economic conditions.
The loan type is appealing because you can take advantage of low rates and qualify for smaller payments if rates rise, but your payment amount will change over time, and if rates fall far enough, you may not save any money on interest. Also, the adjustable-rate period is shorter than on some other kinds of loans.
The Interest-Only Mortgage
This kind of loan allows you to make the equivalent of a minimal monthly payment on your mortgage or excludes some of the interest charges while you are still paying back the principal amount borrowed on your loan.
After some years, though, you have to convert to a fully-amortized payment so the loan will eventually be fully repaid. You must check the mortgage loan rules of the Connecticut State Agencies to know the exact rates and details.
It is the best option if you know that you will be moving in 5 years or a temporary job situation.
The loan is not recommended if the bulk of your income comes from commissions or bonuses because then you would have to pay taxes on the entire amount of interest that was deducted each year, rather than just the amount you paid.
The FHA Loan
The Connecticut FHA loan is a government-backed insured mortgage available only to low- and moderate-income borrowers.
The maximum FICO credit score required by most lenders is 680, while some lenders require a minimum credit score of 620 or 550. Down payment may also be necessary to get an FHA loan.
The down payment is typically between 3.5 percent and 5 percent for an FHA loan. However, there are some exceptions to this requirement. It is ideal for first-time and other low- and moderate-income home buyers.
The Government-Assisted Loan
Government-assisted loans are available with competitive interest rates. They are reserved for borrowers who have unique circumstances, such as veterans or disabilities.
Government agencies conventionally make these loans and are sometimes administered through local lenders, including community development financial institutions (CDFI).
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