Vacant Land Lending or Land Loans share many similarities with mortgages. Both are forms of financing used to obtain property; however, unlike a traditional mortgage, there is no home to use as collateral. Many homebuyers and investors consider this option if they have the expertise in building homes from …
How to maximize your home equity
Maximizing your home equity The last few years have entirely reshaped the Connecticut housing market, and for most homeowners, this has resulted in significant accumulated home equity. Home equity is the difference between what you owe on your mortgage and the market value of your home. The average homeowner has more …
5 benefits of homeownership in Connecticut
Buying a home in Connecticut is a big decision that comes with a significant financial commitment. While both options have pros and cons, one factor makes homeownership an attractive choice: protecting homeowners from inflation. As we all know, the cost of living tends to increase over time, especially in major cities. …
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Highlights about Jumbo Loans
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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