What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you’re dreaming of buying a home in Connecticut, you’ll want to think about getting the best mortgage rate possible. What your mortgage rate will be depends in large part on the following: your credit score, the amount of your down payment, your current employment and income, and your debt-to-income ratio.
You can help set yourself up for the best mortgage rate in Connecticut by prepping for preapproval by a reputable mortgage lender. Start by checking your credit, and making sure all of your necessary documentation is in one place and ready for their review.
Here’s a quick look at current Connecticut mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.616%||6.689%||-0.04%|
|Conventional 15 year fixed||5.95%||6.083%||-0.08%|
|Conventional 5 year ARM||6.992%||7.878%||-0.15%|
|FHA 30 year fixed||5.743%||6.548%||-0.07%|
|VA 30 year fixed||5.875%||6.156%||-0.01%|
|VA 15 year fixed||6.219%||6.69%||Unchanged|
|VA 5 year ARM||6.184%||7.099%||Unchanged|
It can be exciting to think about buying a home in Connecticut. Soon you could be living your best life in your dream home in the Constitution State. Here’s what you need to know:
Where will you plan to settle down? Connecticut is called home by almost 3.6 million people, and one in six live in the city’s top five biggest cities:
What kind of home can you afford to buy? Connecticut ranks 6th in US homes for sale at average price, and 11th for homes over $1,000,000. Get preapproved first, so you know your budget, then start house hunting.
If you’re a first-time home buyer, it’s possible you could qualify for assistance through a program administered by the Connecticut Housing Finance Authority (CHFA.)
The CHFA’s Conventional Area Median Income Loan Program (CALP) provides access to loans for first-time homebuyers who can’t qualify for an HFA Advantage or HFA Preferred loan due to their income being higher than 80% of the area median income (AMI).
The CHFA’s Down-payment Assistance Program (DAP) is for qualified first-time homebuyers and offers low-interest loans ranging from $3,000 up to $20,000 as a second mortgage to be put towards your down payment or closing costs. To be eligible, you must qualify for an applicable CHFA first mortgage, and contribute at least $1,000 towards the purchase.
To qualify for these first-time home buyer programs in Connecticut, you’ll need to:
If you want to refinance your home in Connecticut and benefit from lower Connecticut mortgage rates, you can do any of the following:
You might be able to qualify for a streamlined refinance if you are holding a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.