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Connecticut Mortgage Information (CT)

Finding a mortgage loan in Connecticut tougher than you thought?  Tired of WebPages that don’t help you find what you are looking for?  That is why Mortgage-Info.us is here.  Whether you are looking for lenders, Mortgage Rates, or Mortgage Brokers - we got it.  Plus when you fill out a custom mortgage quote form from Mortgage-Info.us, you will get offers from 2-4 different lenders competing for your business.  That means you will get the best rate based on your current situation. 

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Conneticut Mortgage Quick Facts

Connecticut State Population: 3,503,604*
Median Connecticut Home Price: $166,900*
Connecticut Home Ownership Rate: 66.8%*

Types of Loans Available in Conneticut

Adjustable Rate Mortgage (ARM).  There are several types of ARM loans:

• 1/1 ARM
• 2/1 ARM
• 3/1 ARM
• 5/1 ARM
• 7/1 ARM
• 10/1 ARM

Special Mortgage Loans:

• Jumbo
• No Doc/Stated Income
• COFI
• COSI
• 12-MTA
• Balloon ARM
• 125 Home Equity Loan
• FHA Streamlined
• Home Improvement Loan
• Debt Consolidation
• No Money Down Home Purchase Loans—Flex 100
• 103% Home Value Purchase Loan
• Home Equity Loan

Home Equity Line of Credit (HELOC)

• HELOC is allowed in Connecticut.
• HELOC may not be access via a credit card.

How Your Credit Score Affects Your Mortgage Rate

To start you need to know what your current credit score is. You should compare that against the average Connecticut consumer credit score which is 696. The national average credit score is 677. Your credit score will impact what your home mortgage rate could be. Historically home mortgage rates have ranged from 5% to over 13%. Lenders create their home mortgage rates by using the Federal Discount Interest Rate (FDIR) and then increase it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, but your credit score is a very important factor.

Connecticut Mortgage State Laws

Foreclosure

Only Judicial Foreclosure is practiced in Connecticut.

There are two methods of Judicial Foreclosure:

Strict Foreclosure:  There is no sale of the property in this method.  The lender proves to the court that the borrower is to be blamed for not paying the mortgage.  The court provides the borrower with a time period to redeem the property, but if the borrower does not meet the deadline and the lender won the case, the lender maintains full rights to the property.  The lender then has thirty days to write a certificate of disclosure.

Decree of Sale:  The court sets a date and time for the sale, and has three appraisers set the property value.  The borrower has up until the sale of the property to repay the mortgage and redeem the property

Connecticut Home Mortgage Disclosure Act

Mortgage loan applicants may not be discriminated against based on the property location. 

To report such an alleged discrimination, one would write a complaint to the Commissioner of Banking

Connecticut Mortgage Fraud Office
White Collar Crime Supervisor
http://newhaven.fbi.gov/
600 State Street
New Haven, Connecticut 06511-6505

Connecticut Counties:

Fairfield County, Hartford County, Litchfield County, Middlesex County, New Haven County, New London County, Tolland County, Windham County.

Source
-US Census

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