Connecticut Guide to Home Financing, Mortgages and Home Equity
Loans
Connecticut Home Financing and
Mortgages
Housing in Connecticut
showed strong price appreciation in the last quarter of 2003 as reported by
The Office of Federal Housing Enterprise Oversight. A growth rate of 4.26%
for the quarter exceeded the national growth rate for the same period by
1.39%. Over 2003 house prices rose by nearly 10%. The Coldwell Banker Index
shows house prices in the State ranging widely from a 2003 average price of
$258,625 in Lichfield County to $1,170,600 in Greenwich (with housing
prices there reflecting a location that is only a thirty minute train ride
into Grand Central Station)
Once you have found the
Connecticut property that suits you, then you will want to think about
financing your new home. If you are already a home owner then you may want
to borrow additional money with a home equity loan. Most people buying a
home take out a mortgage loan to finance the purchase. They then repay the
lender over a period from ten to thirty years at an interest rate which may
be fixed or adjustable. The amount you can borrow depends on the value of
the property, your income, and your savings and debt. Fixed rate loans have
payments at the same monthly level for the life of the mortgage. Adjustable
rate mortgages have interest rates fixed for a period and then revised from
time to time. This enables the lender to offer a lower rate at the start of
the mortgage. If you are a first-time buyer you may be able to get some
special mortgage deals.
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