Learning About Mortgages

Financing Your Next Connecticut Home or Investment

SEE RECENT MORTGAGE RATES AVAILABLE IN CONNECTICUT

The source of your funds for your new home is a major issue in your home purchase. Your ability to secure financing is the most important issue you will address, one that will affect you as long as you owe money on your property.

Knowing what you can afford is a primary decision as you consider making a financial commitment to your home. I can help you make an intelligent decision that you will be able to live with as you enjoy the future in your home. 

It is in YOUR BEST INTEREST to have a pre-approval or conditional commitment letter from your mortgage company/bank. A commitment letter is a promise from a direct lender to provide you a specific amount of money for a period of time.  My first referral for a quality mortgage qualification is Michael Christoforo, VP, PHH  Mortgage,. Mike is detailed and attentive to your needs and options best suited to your situation. Call Mike  at two zero three, two three nine, two five three three.

Many people get this confused with a pre-qualification or approval from a mortgage broker (who still has to place the loan) and may find out too late the funds are not available at the terms promised. 

Should you shop for a mortgage like you would shop for a car?

Will multiple lender inquiries hurt your credit FICO and VANTAGE score? Probably not as I understand that multiple inquiries by lender will be interpreted as you shopping for a good value. You might be concerned if a loan originator tells you not to shop around because doing so will hurt your credit score. I suggest at least three loan pre-approvals and review of three Good Faith Estimates.

Experience such as and much more are the reasons you will do better when you secure the services of David Carr, Licensed Buyer’s Consultant.

When buying an investment property you will be assisted in locating experienced commercial and multiple unit residential loan originators who specialize in making an investment in housing an easier transaction. There are many details that you will want to be aware of when purchasing investment property.

Since 1998  David Carr has represented numerous investors who have purchased over 100 units, and he will put this experience to work for you.

There are many options to consider when selecting lender, such as:

  • Who will be the loan originator handling your application?
  • What is their experience in direct underwriting?
  • Will they meet you at the time best for you?
  • Do they represent a variety of lenders, or just one?
  • What is their experience with your type of loan?
  • Do they access specialized funding assistance for veterans, lower income families or prior bankruptcies, such as HUD, FHA, CHFA, VA?
  • Do you have to pay for a credit check? 
  • Are there any mortgage pre-payment penalties which would cost you money later?
  • Will your interest rate change or remain fixed?  For how long?
  • Do you qualify for local municipal buyer incentives?
  • How do the application fees compare?
  • How much will Annual Private Mortgage Insurance cost if you put down <80%
  • When will you get your Good Faith Estimate of Closing Costs?
  • What will your total loan origination cost be?   
  • Will they give you a free loan commitment?

I encourage you to explore financing options with diligence as you prepare to buy your home. I will help you pick the best Mortgage for your needs, regardless of who provides it. My goal is to help you obtain the best Annual Percentage Rate with lowest origination costs.

I have a listing of mortgage officers who service our office, which I will be glad to share with you when we meet.

Don’t forget to include local property taxes and your homeowners insurance in your projections.

Following are links to more detailed information:

Fannie Mae

Connecticut Housing Finance Authority (CHFA)

HUD

Wells Fargo Mortgage