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.


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.

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.

Click here to get one-on-one help in overcoming your credit issues and get approved for a mortgage.

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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.


See our Recommended Mortgage Lenders Online who service borrowers in Connecticut.

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Is It Truly Fact Or Fiction That Connecticut Mortgage Rates Are At Historic Lows And Who Cares

If you are like I am you are probably sick and tired of constantly hearing radio ads stating that mortgage rates are still at historic lows. I must admit that although I am in the mortgage business I also get sick and tired of hearing this guy on the radio talking about interest rates being at historic lows. The problems with these types of ads is that the company does not mention to you that Connecticut mortgage guidelines are also historically the hardest that they have ever been for people who do not have the perfect situation.

Minutes before I began writing this article I did take a look at rate sheets and sure as the sun came up today the rates are in the five and six percent range, but in my experience low interest rates are not the issue. The major issue is that normal every day hard working folks are having a tough time getting approved for these types of mortgages. The main reason is that Connecticut mortgage lenders are somehow convinced that not approving mortgages will somehow keep them in business. Imagine going to work and hoping that you do not have any customers who may want to buy your product.

Many Connecticut mortgage lenders are really leaving homeowners high and dry as they slam the door on many good Connecticut mortgage programs. The most important criteria for making a lending decision should be based on a borrowers past history of paying debts and future ability to make their payment according to their income. However the Connecticut mortgage lenders are denying homeowners who have a good history of paying debts as well have stable employment.

How is that going to help us out of the mortgage mess that we are in?


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.

Connecticut Home Mortgage - FHA Secure Making Slow Progress - Homeowners Need More

I have spent the last couple of months telling everyone who would listen that the new FHA Secure program would provide much needed relief for many Connecticut homeowners. For the most part it has offered some relief from the rising adjustable rate mortgage payments, but many home owners who have fallen behind on their home mortgage and are possibly facing foreclosure need more help. The biggest benefit of the FHA Secure program is that the program allows delinquent home owners to refinance their Adjustable Rate Mortgages. Prior to the FHA Secure program FHA did not look favorably upon delinquent homeowners.

There is no doubt that all of the adjustable rate mortgages may have caused thousands of Connecticut homeowners to become delinquent on their mortgage payments. It can also be argued that adjusting mortgages have lead to the record foreclosure rates all over the nation. The great feature about the new FHA Secure program is that homeowners will be able to refinance regardless of having previous delinquencies if the homeowners can prove that the late mortgage payments were caused by an increasing adjusting mortgage payment.

Connecticut homeowners can get qualified for the FHA Secure loans at the normal banks and lenders that you normally would get a mortgage. The FHA Secure program will provide mortgages at the current market rate and as can be expected will be insured by FHA. The FHA Secure mortgage will have to meet standard FHA underwriting guidelines and will require the traditional FHA appraisal. According to the new program guidelines homeowners will be eligible to refinance up to 97.75% of the total appraised value of their home. Additionally, there will be mortgage insurance as there is with any FHA mortgage program that is calculated based on the risk of the overall loan applicants.


Chris Rivers, a FHA Mortgage Broker, specializes in offering low FHA interest rates for refinance mortgages nationwide even if you have late payments on your mortgage. When you need to refinance your 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 rates and low, bad or no credit

Reasons for Refinancing Your Connecticut Mortgage Loan

Are you considering refinancing your Connecticut mortgagee loan but are uncertain if a new loan is right for your situation? Mortgage refinancing can save you a lot of money when done correctly; it can also result in overpaying thousands of dollars in unnecessary interest and fees. Here are the top reasons for refinancing your Connecticut home loan to help you decide if a new mortgage is right for you.

Mortgage refinancing is an excellent tool for freeing up cash in your budget and paying off your. A new mortgage for your Connecticut home could lower your monthly payments and allow you to pay off your credit cards and other bills. Mortgage refinancing with cash back could pay for repairs to your home or even buy you a new car. You could lower your monthly payment by qualifying for a lower mortgage rate, extend the term length of the new loan, or even shorten it to build ownership in your home faster.

Mortgage Refinancing to Free Up Cash in Your Budget

The cost of living in Connecticut seems to always be going up. Refinancing to a lower payment could reduce your monthly financial burden. There are several ways to go about lowering your payment amount.

I. Qualify for a lower mortgage rate. This gives you a lower payment amount and allows you to pay less in finance charges to the lender.


II. Extend the term length of your loan. Term length is the amount of time you have to repay your mortgage; by spreading the payments out over a longer period of time you will have a lower monthly payment.


III. Consider an interest-only Adjustable Rate Mortgage. As long as you fully understand the risks associated with interest-only mortgages you could use one of these loans as a short term solution.


Mortgage Refinancing to Access Cash

Cashing out when refinancing your Connecticut mortgage is a way of tapping into the equity you have in your home for cash. Cash back refinancing allows you to borrow against the appraised value of your home, including the appreciation since your purchase. Your home is still used as collateral and your payment is based on the amount you borrow and the mortgage rate you qualify. You can use the cash you get back for any reason including paying off your credit cards.

You can learn more about your Connecticut mortgage refinancing options, including costly mistakes to avoid with a free mortgage tutorial.


To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Connecticut Home Loan - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Connecticut Mortgage Refinancing

Connecticut Mortgage Brokers

A mortgage broker is a loan officer who works for you. When you make that big step towards buying a home, the broker will gather all your personal information including income, current debts and the amount of the home. The loan officer will work up a portfolio that has everything needed to qualify or disqualify you from obtaining a home mortgage.

A mortgage broker works with many different companies so they can find you a lender that will accept your loan application. This is different from going to a bank that will hold your mortgage. A bank will give you a mortgage with the bank itself where a broker will help you obtain a loan from such places as CITI Residential or another familiar mortgage company. A broker will have many different companies to choose from if one rejects your application.

The mortgage broker works with you all the way through the loan process. They will process all your information and submit it to the potential lender. They will also be present for the closing on the home. The only thing they do not do is take the payments. You will receive paperwork directing you to send your payments to the mortgage company that holds the title to the home.

The mortgage broker will help you find an appraiser. They can recommend an insurance company and any other parties needed to complete the sale. You will work with the broker the entire time. You might not even meet a representative of the mortgage holder. The down side of using a mortgage broker is that you do not have a face to face with the company holding the mortgage. The upside is that the broker does have more resources than going to a bank, which helps more people receive mortgage loans for a home.


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Watch Out for Yield Spread Premium When Refinancing Your Connecticut Mortgage

If you are in the process of refinancing your home loan in Connecticut, paying Yield Spread Premium will cost you thousands of dollars in unnecessary mortgage interest. Never heard of Yield Spread Premium? You’re not alone; the Secretary of Housing and Urban Development was recently quoted saying this markup is responsible for homeowners in the US overpaying sixteen billion dollars this year. Here are the basics of Yield Spread Premium and how you can avoid overpaying for your Connecticut mortgage loan.

What is Yield Spread Premium? It is the retail markup of your mortgage interest rate to boost the loan originator’s commission. Every mortgage loan with the exception of Bank loans includes this markup; however, if you know how to recognize Yield Spread Premium you can avoid paying it.

Since Bank mortgage loans don’t include Yield Spread Premium shouldn’t you just refinance your Connecticut mortgage with your Bank? While it’s true that Bank mortgage loans are convenient, they’re not exempt from markup. Bank mortgage rates are marked up for different reasons; Banks sell their mortgage loans to investors on the secondary market. The higher your mortgage rate, the more your Bank receives from the sale. When the Bank marks up your interest rate the markup is called Service Release Premium and is really no different from Yield Spread Premium.

How does Yield Spread Premium work? When your application to refinance your Connecticut mortgage is approved, you qualify for a specific interest rate. The representative that submitted your application knows this mortgage rate; however, they mark it up because the wholesale lender pays them a bonus for overcharging you. That’s right, for each quarter percent you overpay for your Connecticut mortgage rate, your loan representative receives a bonus of one percent of your mortgage amount.

How can you avoid paying Yield Spread Premium? Once you’ve learned to recognize this unnecessary markup you can negotiate to avoid paying it. You can learn more about refinancing your Connecticut home loan without overpaying by registering for a free mortgage tutorial.


To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Connecticut Home Mortgage Refinance

Connecticut Mortgage Lenders Can Approve You For A FHA Mortgage After Major Credit Issues

In this day and time with so much negative news about the credit crunch, subprime crisis or housing meltdown it is easy to get discouraged as a first time home buyer or even if you already own a home and are simply trying to get your mortgage payment down. Many news reports are telling people that there is no way that you can get approved for a mortgage if you have credit issues in this market. That is simply not true.

Yes, it will take some additional work and documentation than in previous years but it is very possible and we are seeing Connecticut home mortgages get approved every day. You cannot let all of the negative news and negative people stop you from working towards consolidating your debt to get some monthly savings. You must be prepared to document your story so that the Connecticut mortgage broker you work with will know how to present your mortgage application to the underwriter.

You also have to be prepared that there are not that many Connecticut mortgage lenders remaining who specialize in helping people after major credit issues like bankruptcy, foreclosure or multiple late payments. However, we know many lenders that are taking a serious look at Connecticut mortgage applicants who have gotten back on their feet and are making the right steps towards recovery. These are the mortgage lenders we focus on working with because we have many years of experience with them and they realize that honest Connecticut mortgage brokers are still around.

There are times that your credit past will take more time and more documentation than you want to spend. In cases like this it is important that you start with simple manageable steps that keep you moving forward, but don't get you bogged down and feeling depressed over your past. If you are worried that you have too much luggage then you may need to work with a Connecticut mortgage broker that can help you map out your road to credit recovery.


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 to get one-on-one help in overcoming your credit issues and get approved for a mortgage

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

Connecticut Home Mortgage Loans - 3 Ways to Get the Best Rate

Because mortgage interest rates have begun to rise, home buyers are greatly concerned with getting a low rate. Many factors contribute to qualifying for a low rate mortgage. Savvy buyers who do their homework know how mortgage lenders determine a loan's rate. For this matter, buyers do everything within their powers to improve their chances of getting the best interest rate. If buying a home in Connecticut, you will find interest rates comparable to the national average. Thus, buyers with fair credit are able to obtain moderately low rates.

Improve Credit before Applying for Loan

When determining a borrower's interest rate on a mortgage loan, lenders will closely evaluate their credit report. Having multiple delinquent accounts and a low credit score justifies a high rate. Yet, borrowers can avoid this problem by simply improving their credit rating before applying for a home loan. Many things can boost a credit score. For starters, make an effort to pay all bills on time. Avoid skipping credit card payments and auto loan payments. Additionally, limit the number of credit inquiries to two a year. Monitor your credit score for about six months to one year. Apply for a home loan after your score noticeably improves.

Shop Around for the Best Loan Rate

There are plenty of loan options available to home buyers. Moreover, there are a large number of lenders, brokers, and mortgage companies operating in the state of Connecticut. To get the best rate, it helps to use a mortgage broker, and receive mortgage quotes from more than one home loan lender. A broker provides buyers with quotes from different lenders. Once the buyer receives the quotes, they must closely examine the paperwork, and select the home loan lender offering the lowest rate. Comparison shopping is a great way for buyers with bad credit to save money on their home loan.

Choose an Adjustable Rate Mortgage

During 2004 and 2005, 34% of new mortgages in Connecticut were adjustable rate mortgages. Even though these loans are riskier than fixed rate mortgages, they offer lower rates and lower payments during the initial years. Before selecting an adjustable mortgage, buyers must be prepared to pay a higher mortgage payment in the future.


See our Recommended Mortgage Lenders Online who service borrowers in Connecticut.

Save money and time by using one of our recommended lenders.

Connecticut Refinance Mortgage - Subprime Banks Are Closing Everyday, Refinance Immediately!

Not too long ago you might have heard advice stating that you should only refinance your Connecticut home mortgage loan if your new interest rate is at least two points lower. However, today I am advising you to do something that will save your interest rate from increasing two points!

While only refinancing if your interest rate will decrease by two points may have been true years ago, it will get you stuck with a ever-increasing mortgage payment today. Especially with subprime companies dropping off the face of the earth over the last few years, if you wait for much longer then you may not have any mortgage companies that will offer you a new loan!

The main issues that are leaving many Connecticut homeowners high and dry are: No equity remaining Home values have leveled off Adjustable rate mortgage is about to increase to an unaffordable payment

The solution that I recommend dozens of times a day is the FHA Mortgage. If you have managed to make all payments on time in the last 12 month’s and can show your income then you have a chance to get financing up to 97% of the value of your property at rates that are usually around 6.75%.

Refinancing into a FHA might mean you will be able to lower your interest rate and monthly payment – most times significantly. Or you might prevent your payment from rising significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home or simply go on a vacation. If you have managed your FICO scores responsibly then you can come away from closing with lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.

While traditionally in a Connecticut home loan refinance I would focus on the monthly savings that you get immediately, these days I am receiving many calls for homeowners that are trying to prevent their payment from going up.

Keep in mind that when you refinance, you're paying for most of the same things you paid for when you closed on your original mortgage. These will include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.

Always be sure to verify if you have to pay a penalty if you refinance your previous mortgage too quickly. Connecticut home loans allow lenders to impose this pre-payment penalty. However, it ultimately depends on the terms of your existing.

The beauty of FHA in Connecticut is that you will never have a pre-payment penalty!

Ultimately, for most people the amount of up-front costs to refinance are made up very quickly in monthly savings. We'll work with you to determine what program is best for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your taxes.


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 late 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

Connecticut Mortgage - Give Your Family A Home For Christmas

As thousands of Connecticut residents are spending millions of dollars during this holiday season there are dozens of other renters that are saving every penny so that they can buy their first home. If you are one of the Connecticut shoppers that have to balance Christmas shopping with saving for a down payment to qualify for a Connecticut mortgage on a home, do not make these several huge mistakes. The first major pitfall to avoid when applying for a Connecticut mortgage is the overwhelming desire to rush out to buy all the matching furniture and appliances to fill your soon-to-be home as soon as you hear that the seller accepts your purchase offer. Do not even go out and start spending if the lender pre-approves you for a Connecticut mortgage loan, because even with a preapproval there is still no guarantee that you will be able to close the loan. Here are the major mistakes to avoid during the home buying process to make sure that you are in your home for the holidays:

• Don't make big ticket purchases. Be warned. It will take massive amounts of self control not to go out and buy that new leather living room set for your soon-to-be fun room. Use whatever method of self control that you have to, but do not buy big ticket items like a big screen TV, electronic toys or gadgets, cars, appliances, equipment or just about anything that will cost you big money or require you to finance it. Wait until after you have the keys in hand after the closing on your low rate FHA Connecticut mortgage. Financing those big ticket items with a credit card will have an impact on your debt to income ratio, which could mean your new mortgage pre-approval could turn into a denial. Additionally, you are not safe if you are paying cash because mortgage lenders review your cash reserves in your bank accounts when approving your mortgage.

• Don't change or quit your job. Connecticut mortgage lenders require a consistent job history for most programs. The changing jobs caution is really if you are making less or are changing fields. If it is within the same industry and then it probably will not affect your ability to qualify for a Connecticut mortgage. However, recognize that for a highly detailed underwriter, changing jobs while in the mortgage approval process may raise some concern.

• Don't change banks or transfer money. Connecticut mortgage lenders usually review bank statements for the previous two or three months on any and all of your banking accounts. Banks want to have a paper trail to show where your money is coming from and where it is going. By constantly transferring money or changing banks you could appear to pose additional risks to a Connecticut mortgage lender.

• Don't ignore Connecticut Mortgage Lender guidelines. Once you have been pre-approved for a mortgage, do not take that to mean that everything is absolutely okay. There are still additional requirements that are need to process your loan. Be prepared because you will paperwork verifying all of the information you provided on the application. Whether you close or not will depend on how fast you get the documentation over to your mortgage lender. Do not jeopardize your new home because you refuse to rush over to Staples on your lunch break and fax over a copy of a paystub.

• Do let an attorney hold your deposit in escrow if dealing with a FSBO purchase. By letting your attorney keep the money that insures that you are protected in case the deal goes south. There is a chance that a FSBO seller may view the good faith deposit and their money and there are plenty of horror stories about people losing thousands of dollars for a home they do not own. Keep in mind that the purchase contract spells out where the deposit goes if the purchase does not close.


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

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