Connecticut Mortgage Rates
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CONNECTICUT CONFORMING 30 YEAR FIXED RATESToday's Average: 4.95% What does this mean?
About Mortgage Rates in Connecticut
When you are looking for a mortgage in Connecticut, whether is in Hartford, New Haven or even Danbury, you will want to get the best possible deal. The banks are competing for your business and their are many borrowing choices in the state of over 2 million housing units. It can become overwhelming trying to sort through the features of each loan to figure out which one is best for you.
Mortgage 101 is here to help. We will find you a mortgage loan with the lowest interest expenses, lowest monthly payments and lowest closing costs. We offer first time home owner’s mortgages, second mortgages, refinance loans and equity loans. If you are unsure how much home you can afford, use the free online tools to calculate your monthly mortgage payment before filling out your application.
Mortgage Refinancing in Connecticut
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.