Is Now the Right Time to Refinance in Connecticut?

There are number of different reasons to refinance your home.

Lower your interest rate.
Cash out for home improvement/debt consolidation.
Lower the term of your mortgage.
Remove your mortgage insurance
If you are looking to lower your interest rate you typically have to have good to very good credit. However with programs like HARP (home affordable refinance program) you may not need to have equity or even verify income. Typically if you have a conforming loan and paid your mortgage on time and have good credit you could qualify for a HARP loan. Homeowners who have FHA mortgages can see if they qualify for a streamline mortgage to lower interest rates. With this program if you pay your mortgage you will typically qualify.

For those looking for cash out for either debt consolidation or home improvements you will most likely need to have good to very good credit and have equity in your home to qualify. These are typically done with conforming loans or second mortgages.

Lowering the term of your mortgage or removing the mortgage insurance usually will require good to very good credit, on time mortgage payments, and an appraisal.

For any questions please do not hesitate to reach out to me.

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