When is a regular mortgage not enough? When the loan amount to purchase a property exceeds the conforming loan limit of $726,200*. Find out the limits by county in this interactive map. To understand a Jumbo loan, you must understand two other terms: conforming and non-conforming loans. Conforming loans adhere to …
Is a pre-approval better than pre-qualification?
Pre-approvals vs. pre-qualifications for home loans When you decide to buy a home in Connecticut, it’s important to understand the difference between a pre-approval and a pre-qualification. For example, a pre-approval at Mortgage Equity Partners involves an underwriter evaluating your credit history, income, and …
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Everything you need to know about a 2/1 Buydown Loan
What is a 2/1 Buydown? A 2/1 Buydown is a financing technique that allows a borrower to have reduced monthly mortgage payments for the first two years of the loan term. With this option, the interest rate would be 2% lower for the first year and 1% for the second year. In the third year, the rate will go up to the …
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4 reasons mortgage interest rates shouldn’t stop you from buying a home this year
4 great reasons to buy a home this year People decide to buy a new home based on a variety of factors. In most cases, life events dictate the need to enter the housing market. Some common reasons include job relocation, an expanding family, a desire to move from an urban to a suburban area or vice versa, or …
More flood insurance options for homeowners with FHA mortgages
Connecticut has many rivers and beautiful coastal areas throughout its cities, towns, and tribal areas. Flooding is a part of life in Connecticut due to heavy rainfall and snowmelt during the Spring months and other times of the year. Historically, flooding has caused many federally declared disaster areas in …
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How does a bridge loan work?
A bridge loan helps a potential homebuyer who wants to buy a new home before selling their current home. Most homebuyers plan to use the proceeds from selling an existing home as a down payment for a new home. Therefore, they will include this stipulation in the purchase and sale agreement when submitting an offer as a …