Connecticut mortgage companies focus on refinance packages that offer smart consumer protections. In particular, they’re featuring fixed rate loans with clear and steady terms. Among these, home loans with 30 year refinance rates are especially popular due to Connecticut’s high property values. Several options are offered by private lenders as well as Housing and Urban Development (HUD) via FHA-approved banks.
Three Home Loans, Three Situations
First, the most popular options for no cost mortgage refinancing in Connecticut are the Shortline 203(K) and Fannie Mae Rehab/Renovation Loans, which are both focused on home renovations. Second, a much lesser known program is the EEM, or Energy Efficient Mortgage, which rewards energy efficient features. Third, short refinancing loan programs help underwater homeowners.
Shortline 203(K) FHA Loan
Shortline 203(K) loans are used for home renovations. They can be used before or during residence in a home, and projects costing up to $35,000 are eligible. Shortline 203(K)s type are a top way to turn an ordinary home into a dream home, or a way to make a dilapidated property fit for living.
Three ways that these and similar Fannie Mae Rehab/Renovation loans are used include:
1. To buy an existing home that needs repairs
2. To renovate a current residence
3. To buy a new home that will be moved to a different location
Energy Efficient Mortgage Loans
Energy Efficient Mortgages, or EEMs, recognize that home owners who make energy-efficient upgrades will save money in the long run. To become eligible for an EEM, a homeowner has their appliances, windows, insulation, and other home features inspected. The property’s current energy efficiency is determined, a cost estimate is made for any desired upgrades and energy savings, and loan terms are set. These are available through the FHA and private lending companies. New refinance mortgage rates in Connecticut are inspiring many home buyers to install solar panels, use efficient lighting, and purchase Energy Star appliances.
Short Refi Loans in Connecticut
Underwater homeowners may be eligible for the FHA Short Refinance program or other partial debt forgiveness programs. Home buyers who are current on their loans may be eligible for the lowest fixed interest rates they’ve seen in years. With short refinancing loans, the loan “falls short”: the original lender agrees to forgive a percentage of the loan on over-valued property.
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