Connecticut Home Refinance Mortgage Options

As a Connecticut Resident you have several options if you want to refinance your home or investment property. If you have not refinanced yet it may be the right time to do so. Several government programs are available.

The first thing to consider is how much will you be saving. This savings can come in the form of lowering your interest rate, decreasing or removing mortgage insurance, or lowering your term (years left on your mortgage).

Interest rates continue to be at historic lows. The rule of thumb is if you can lower your interest rate by .5% then it probably makes sense to go ahead and re do your mortgage. Another consideration is closing costs you want to be able to recoup closing costs in a short time (or work with a Mortgage Company like ours that does not charge up front points). Lately the news has been stating that interest rates are going up – probably in the fall – so now really is a good time to consider refinancing.

Along with lowering your interest rate if you can remove mortgage insurance or lower the costs it might make sense to refinance. Conforming mortgages typically require you to have mortgage insurance if you borrower over 80% of the equity in your property. Government loans such as FHA require you keep mortgage insurance for the lifetime of the loan. If you are able and can remove it the savings over the lifetime of the loan you add up to thousands.

Lastly if you can lower the term of your mortgage from 30 to say a 15 year loan your savings could be in the tens of thousand of dollars.

Please call me today and lets discuss what refinance options are available to you – free consultation.

Craig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com