Connecticut Refinance Options

Homeowners in Connecticut have several options when it comes to refinancing. Interest rates remain at historic lows so for many who have not taken advantage of the low rate environment now could be the time.

FHA Streamline: This is an option for those who bought their home through and FHA loan. These loans are very simple for the borrower in that very little documentation is needed. In most cases if you have paid your loan on time for the last 12 months you can qualify. Appraisals are typically not needed which saves money and cuts down on the underwriting process.

HARP: This is a program through Fannie Mae or Freddie Mac. It stands for Home Affordable Refinance Program. If you had bought a house or refinanced in the past taking a Fannie or Freddie loan a HARP mortgage could save you hundreds or thousands of dollars by refinancing into a lower rate. Again limited documentation is needed and in most cases appraisals are not needed.

VA IRRL: These are loans to our veterans. If you served in the military you could take advantage of the VA loan program to secure a lower interest rate. If you currently have a VA loan and are looking to refinance again limited documentation is needed and appraisals in most cases are not requited.

Conventional Refinance: Many people are looking to refinance in order to get rid of PMI or lower their monthly mortgage rate. A conventional loan is a great resource for people that have equity in their property. Rates are at historic lows and you are able to choose the term (30 years, 25 years, 20 years, 15 years, or 10 years).

Call me today and we can discuss your options with a 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