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Guide to Connecticut Mortgages
Maybe you are buying your first home in Connecticut, or perhaps you're relocating to Connecticut from another state. Then again, you may be a long-time Connecticut resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Connecticut home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Connecticut:
The median price of a home in Connecticut is $211,500. Recently, homes in Connecticut have been appreciating at rates well above the national average. As a result, income levels in many parts of Connecticut are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Connecticut are below the national average, Connecticut has one of the lowest levels of home affordability in the nation.
In Connecticut, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Connecticut's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Connecticut law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Connecticut law enacted a set of anti-predatory lending laws in order to help protect Connecticut homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Connecticut, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Connecticut FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Connecticut's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Connecticut also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Connecticut's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Connecticut Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Connecticut Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Connecticut |
United States |
| Total housing units |
1,423,343 |
n/a |
| Owner-occupied housing units |
69.5% |
66.9% |
| Renter-occupied housing units |
30.5% |
33.1% |
| Vacant housing units |
7.0% |
10.8% |
| Average Home Value |
$271,500 |
$167,500 |
| Average Mortgage Payment |
$1,718.00 |
$1,295.00 |
| Average Rental Payment |
$611 .00 |
$388.00 |
| Total Population |
3,394,751 |
n/a |
| Percentage Male |
48.5% |
49.0% |
| Percentage Female |
51.5% |
51.0% |
| Median Age |
39.3 |
36.4 |
| Under 5 years |
6.2% |
7.0% |
| 18 years and over |
75.5% |
74.6% |
| 65 years and over |
13.0% |
12.1% |
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1 Year Market Value Change for Connecticut |
| 1yr | 5yr | 10yr |
 |
|
Popular Connecticut Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bridgeport |
139,529 |
$34,658 |
| Bristol |
60,062 |
$47,422 |
| Danbury |
74,848 |
$53,664 |
| Greenwich |
61,101 |
$99,086 |
| Hartford |
121,578 |
$24,820 |
| New Britain |
71,538 |
$34,185 |
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| Patriot Lending Group, Inc. |
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Patriot Lending Group, Inc is a mortgage lending institution that prides itself in providing high quality financial services to the public. It is our mission to provide high quality mortgage programs at the most competitive rates in the nation. Our home loan programs include: purchase, refinance, debt consolidation, home equity loans, second mortgages, construction loans, and home improvement loans tailored to your unique situation. One of the most exciting adventures you will ever encounter is purchasing a home. If you are a first time buyer or an experienced investor we will make the process quick and easy. Our staff of mortgage service professionals makes themselves accessible to clients around the clock, and strives to obtain the best mortgage loan package no matter what the situation. To contact one of our mortgage professionals please call 866-805-1775 or fill out our Online Application to find a loan program that fits your particular need. We will help determine which one is best for you. Patriot Lending Group, Inc.
744 Main Street South, Suite 94
Woodbury, CT 06798
866-805-1775
Office: 203-263-5880
Fax: 203-263-5887
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| Advise "U" Mortgage |
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We offer our Connecticut Mortgage clients, honesty, dependable service and options. You are not a loan at Advise "U" Mortgage. We will listen to your needs and then Advise "U" of your Connecticut mortgage options, the costs and benefits of each program, so that you can make an informed decision as to what program best suits your needs. Other Connecticut mortgage broker companies sometimes recommend their clients mortgages that benefit the company financially, instead of their clients. At Advise "U" Mortgage, we do not use high pressure sales techniques. Instead, by taking care of, listening to, and advising our clients, we have developed a loyal base of past CT Mortgage borrowers who are our biggest source of referrals. Advise "U" Mortgage was founded with the single goal of providing the best mortgage capital to the consumer with the best service at the lowest rates and cost possible. Advise "U" Mortgage, being a Connecticut mortgage broker, has a loan product to meet almost any need, which means the borrower, in using Advise "U" Mortgage, is shopping over 80 other lenders. In most cases, the interest rates are lower than the borrower could negotiate on their own behalf. Because of the high volume of loans that we deliver to these lenders, we get a better price per loan; translating to a lower interest rate. It is funny how most companies promise the lowest rates but fall short with poor customer service. We may match our competitor's rates, but they cannot match the service you will receive from us. Whether you need a Connecticut refinance for debt consolidation, term reduction or rate reduction, a bad credit mortgage loan or mortgage financing for your CT Home Mortgage, Advise "U" wants to be your Connecticut Mortgage Lender for life! We want your business. Advise "U" Mortgage
329 Main Street, Suite 207
Wallingford, CT 06492
203-626-0363
866-287-0791
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| Westport Mortgage |
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Westport Mortgage is a full service mortgage company with ten years experience serving the Connecticut market. As one of the largest originators of residential mortgages in Connecticut, we have established ourselves as a leader in mortgage lending. Our knowledge, expertise and service make buying a home simpler than you ever imagined. We work with a network of lenders nationwide. No matter what unique needs you have, we'll find a mortgage product to meet them. We handle all the analysis, so you enjoy a streamlined process that results in a hassle free mortgage closing. Using the most advanced technology available today, we close your loan quickly and at a low cost. We combine the use of the Internet with advanced processing software and automated underwriting systems to approve your loan application and to find you the most competitive rates available. At Westport Mortgage, we pride ourselves on customer satisfaction. Referrals from previous customers and local real estate professionals are the livelihood of our company. So, whether you are dealing with me or someone from our office staff, you can expect friendly, courteous and professional service. House hunting is very competitive. One way to stay ahead of your competition is to have your loan pre-approved prior to looking for your dream home. Pre-approvals are simple and quick. Let us guide you through the process. Please contact us to assist you in financing your dream house. We would be happy to meet with you in person or over the telephone to answer your questions and to discuss your specific needs. Westport Mortgage
877 Post Road East
Westport, CT 06880
Phone: 203-221-8242
Fax: 203-221-8241
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