How An High Interest Rate Connecticut Mortgage Can Completely Wreck Your Life

Over the last several months I have personally seen and heard many stories of Connecticut homeowners that have had their lives torn apart because of a high interest rate Connecticut mortgage or adjustable rate mortgage. The one thing that these families all had in common is that they thought they could afford the payment, but because of the payment changes or loss of income the homeowners found themselves in a increasing stressful situation. In order to avoid this from happening to you let’s take a look at some steps you can take to protect yourself.

The first thing that you should do is to increase your savings to a point that you have several months worth of bills payments saved in a emergency account. I have seen Connecticut homeowners devastated because they could not manage to last a couple of month’s until their current situation changed. As we all know, not being able to pay your bills can completely ruin your credit scores and stress you out, so when the times are good put away a nest egg for a rainy day.

A good strategy that may help you out in a tough patch would be maintaining a second source of income that can supplement your primary income source. This can be a lifeline when things get tough and your Connecticut mortgage payment is increasing. Many times the challenges that I review with many homeowners revolves around a loss of income. This type of situation may not be avoided completely, but it can be navigated without sacrificing credit scores and good standing on your accounts.

At the end of the day we both realize that there will be financial challenges in everyone’s life, but the difference will be how we prepare for those times and how we handle them when they arise.


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If you really need to get approved for a FHA mortgage to buy or refinance your home really quickly then Click here for your Connecticut home mortgage.

Tips For Getting Approved For A Connecticut FHA Mortgage With Bad, Low or No Credit Scores

The biggest scam that Connecticut mortgage brokers are seeing is the lenders are not following the FHA guidelines when it comes to not having credit score requirements. FHA guidelines clearly state that they do not require a certain FICO score to approve your mortgage, but once again the big banks are choosing to turn their backs on Connecticut first time home buyers and Connecticut homeowners who want to consolidate debt and get a lower monthly payment. Even with the mortgage banks denying thousands of people for mortgages you still have options that will help you get approved for a FHA mortgage.

The first tip for getting approved for a FHA mortgage with low credit scores is to spend the time to find a Connecticut mortgage broker that will work with and for you for an extended amount of time. You do not need a loan officer that will just take an initial application and will not respond to your phone calls or emails ever again. If you skip this step you will not only get denied for a mortgage, but your credit scores will continue to go down because you will have too many inquiries.

The second tip that is so important is to document your situation as best as possible. Connecticut mortgage lenders will want to know what happened and what has been done since it happened that will prevent the incident from occurring again. This can be copies of pink slips that forced you to stop working due to work shortages or copies of a divorce decree that resulted in considerably less income coming into your household. All of the factors should be discussed when applying for a mortgage with an experienced Connecticut mortgage broker.

The third tip is to keep your head up and be optimistic. The absolute worst thing that can happen is that it will take a little longer and maybe a little more documentation, but this is not the end of the world. You should definitely look towards your loan officer to keep you up to date on the timeline and plan of action that you are following.


If you have bad, low or no credit we are the only Connecticut Mortgage Lender that still specializes in working with helping people get approved who have low credit scores, no credit scores, bankruptcy or foreclosure.

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Connecticut Mortgage Broker May Save Your Financial Life

In case you missed the memo, email or fax then let me be the first to inform you that the economy is going through a pretty tough time right now and we need to take a close look at how we are living our financial lives. I never ceased to be amazed at the amount of Connecticut residents who have good credit scores, solid income and a decent amount of home equity yet they have a high interest rate because they did not want the aggravation of dealing with the paperwork associated with refinancing a mortgage. Let me tell you loud and clear. If filling out a few forms saved me ten thousand dollars a year just tell me where to sign.

If you think that you may feel the same way I feel then let me give you some easy tips to see if you should be building your financial wall up to weather the storm.If you or your spouse have been getting the feeling that your employer may be going through some tough times as well and could layoff some people then you need to take notice. You have to fight the tendency to stick your head in the sand and hope for the best. This is the time to look at saving any amount of money that you can in order to have a nest egg for the winter season.If you do not know how much you have spent per month on your expenses the previous six months then you need to hunker down and take a close look at your finances, because in this case what you do not know can hurt you.

All in all if you do not know what you earn in combined income each month you may be on the road to demise, but I do not want to leave you with doom and gloom because there is help on the horizon. First of all do you know what you could qualify for in regards to getting a lower interest rate on your mortgage? When is the last time you had a mortgage professional perform a mortgage tune-up just to make sure that you are not losing out on potential savings each month? Keep in mind that while everything is going fine is the time to review your financial fortress because when things get tough lenders get tighter about making the very compromises that could save your financial life.


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Refinance Your Connecticut Home Mortgage Into A FHA Mortgage

Finally! There's great news for Connecticut homeowners. FHA loan requirements have evolved for Connecticut mortgage loans. The changes were long overdue and the changes are mostly for rising Connecticut adjustable rate mortgages. You may be one of the many homeowners that have been looking to refinance your Connecticut home loan, so this lifeline may have come just in time for you. Before you go and give out your vital information you need to know the new FHA guidelines.

Here are some of the major changes and program terms:

1. The program is only valid until December 31st, 2008.
   
2. Your current mortgage must be a non-FHA adjustable mortgage that has already reset or increased.
   
3. If you have fallen behind on your mortgage due to the increase in the payment since it started adjusting you can still qualify.
   
4. Your mortgage payment must show that the 6 month's prior to your mortgage payment changing you had on-time mortgage payment history.
   
5. If there is sufficient equity in the home FHA will insure mortgages that include missed mortgage payments.
   
6. If the loan amount that you need exceeds FHA mortgage amount limits or LTV limits then you may qualify for a second mortgage.

This change is long overdue because many Connecticut adjustable rate mortgages have interest rates and payments that have reset. Reset simply means that the rate and monthly payment has adjusted upward (or downward in some cases) based on a number of factors determined by a group of banks or lending institutions.

Most Connecticut homeowners were protected to some degree because of a adjustable rate mortgages that prevents your monthly payment from increasing too much at once. However, that cap can range from two to five percent higher you're your current interest rate. If you never worried about the rising interest rate then now is the time to reconsider.

The best mortgage program that you can get to lock in your mortgage payment is a FHA loan. With a low FHA mortgage loan you can have a FHA loan prime rate and you will have FHA homeowner's assistance program if you hit a tough patch and need some relief on a couple of payments. Don't take unnecessary risks by going with a lender that can be closed next week when you can take advantage of a FHA government home loan that will give you the stability and monthly savings you need.


Chris Rivers, a Connecticut FHA Lender, specializes in offering low FHA interest rates for Connecticut refinance mortgages even if you have late payments on your mortgage. When you need to refinance your Connecticut adjustable rate home mortgage into a fixed FHA rate mortgage with great credit scores then use a Connecticut FHA Mortgage.

Get your FREE list of Connecticut mortgage lenders for homeowners with mortgage lates and low, bad or no credit.

Connecticut Bad Credit Mortgage Refinance - You Will Have To Pay Points To Get A Affordable Interest

Two years ago in Fairfield Connecticut I would have never heard a client tell me that they wanted to pay points in order to be able to afford their payment. However over the last several months many Connecticut homeowners with fair to average credit scores have made that request in order to lower their monthly mortgage payment or preserve their current interest rate. This is partly due to the fact that so many subprime lenders have gone out of business and the remaining banks are only offering high interest rate loans to Connecticut homeowners that had previously qualified for low rate mortgages.

The main concern used to be, Do you plan on keeping your loan for a while? Then it may make sense to buy a lower interest rate by paying one or more points. However now the concern is now, how do I lower my homeowner's insurance, taxes and mortgage payment all while nursing my low credit score.

You may find yourself in the same predicament. However, there is a solution!

Let's keep in mind that a point -- which equals one percent (1%) of the total loan amount -- is an up-front fee that lowers your annual interest rate and total interest due over the life of your loan. So, a one point loan will have a lower interest rate than a no point loan. Basically, when you pay points you are paying money later in favor of paying money now. You can pay fractions of points, meaning there are a lot of points packages that can make a loan's terms more favorable if that's what's right for you.

The loan program that I advise all of my clients to use is the FHA program. There is no minimum credit score requirement, no pre-payment penalty and the rates are in the 6% range. Additionally, you can avoid paying high point fees and you will have the backing of the federal government if you are ever in a situation that may lead you to default. The FHA program is a must for the hard-working American who needs to save every dollar that you can.


Chris Rivers, a Connecticut mortgage broker, specializes in offering low interest rates for Connecticut refinance mortgages after bankruptcy even if you have 30, 60 or 90 day lates on your mortgage and late payments on other accounts. When you need to refinance your Connecticut adjustable rate home mortgage into a fixed rate mortgage with great credit scores then use a Connecticut FHA Mortgage

Get your FREE list of Connecticut mortgage lenders for homeowners with unlimited mortgage lates and low, bad or no credit

Can You Really Qualify For A Connecticut Mortgage With Problems On Your Credit

There is a question that many Connecticut homeowners are facing today in regards to qualifying for a mortgage. The big question has to do with being able to qualify for a Connecticut mortgage if you have some credit issues in your past. Based on what I am seeing I will review the issues and credit challenges that Connecticut mortgage lenders are no longer willing accept when approving a mortgage.

One of the more recent changes that we are seeing is the importance of score based mortgage lending. Prior to the credit crunch homeowners could have scores in the five hundreds range and still qualify for a fair interest rate mortgage to refinance their current mortgage as well as access some of their equity to prevent the financial disaster from happening again. However the difference that I am seeing now is that the scores are now required to be at six hundred or above to qualify for the simplest of Connecticut mortgage programs.

Another recent change is the minimization of letters of explanation. For many years we have seen underwriters ask for letters of explanation to get the details of what happened in the borrowers past credit challenges, however these days we are receiving less request for letters of explanation because Connecticut mortgage lenders are not really willing to make exceptions based on once in a lifetime events.

Now my goal is not to scare you but to provide you with some knowledge and information that will allow you to properly analyze your decision to move forward with applying for a mortgage given the current state of the mortgage industry. Before you apply for a Connecticut mortgage be sure to evaluate the statements that I am giving you above, but also be sure to do your diligent research.


If you have bad, low or no credit we are the only Connecticut Mortgage Lender that still specializes in working with helping people get approved who have low credit scores, no credit scores, bankruptcy or foreclosure.

Click here for your low rate Connecticut home mortgage.

If you really need to get approved for a FHA mortgage to buy or refinance your home really quickly then Click here for your Connecticut home mortgage.

Avoid Getting Scammed on Your Post-Bankruptcy Connecticut Mortgage Refinance

If you have recently filed bankruptcy, you may find that lenders are drawn to you like moths to a flame. Unfortunately, many of these lenders are nothing more than scam artists looking to bilk you out of your hard earned money. This is why it is very important to carefully choose the mortgage lender or broker who will be handling your Connecticut mortgage refinance.

Don't Call Me. I'll Call You.
When it comes to Connecticut mortgage refinance loans, it can be hard to sort out the good lenders from the bad lenders. A good rule of thumb to follow is this: If a lender contacts you out of the blue and you have never heard of them-don't work with them. They could be nothing more than a scammer. You will be far better off working with a lender that you solicited personally.

Shop Around
How can you tell whether or not you're getting a good deal? Shop around and make comparisons. If you don't know what rates others are offering on post-bankruptcy mortgage refinances in Connecticut, you will have no way of telling whether or not the rate being quoted to you is fair. You should always get quotes from at least three lenders before accepting any one loan offer-especially after filing bankruptcy.

The State Has Your Back
If you are a looking for a post-bankruptcy mortgage refinance in Connecticut, you have a leg up on borrowers in other states. Connecticut has some of the strictest anti-predatory lending laws in the nation. They are one of only five states that have been given permission by the federal government to locally enforce federal laws.


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