House hunting in Bridgeport, Connecticut? Located between New York and Boston, Bridgeport is the largest city in Connecticut with approximately 140,000 residents. It was founded in the 1600’s and incorporated in 1821. Over 3,000 structures in Bridgeport are on the National Register of Historic Places including the City Hall.
Bridgeport was listed as one of the “100 Best Communities for Young People” by America’s Promise in 2005.
There are several colleges and universities in or nearby Bridgeport including the University of Bridgeport and Housatonic Community College.
Commuting to New York and Boston is made easy with both Amtrak and the Metro-North commuter trains. Also available is a ferry which transports both passengers and automobiles.
This community has a history of low cost housing compared to surrounding areas. With its small town feel and traditional values, it is a great place to reside.
Mortgage Brokers
Whether you are in need of a mortgage, refinancing an existing home, or obtaining a home equity loan, finding the right people to work with is essential. Many options are available, including the traditional lender, i.e., banks, credit unions, or savings and loans. Another option is to use a mortgage broker. This option is beneficial as they work with many lenders to find the best loan and interest rate for you.
What a mortgage broker can do for you:
▪ Considers the borrower’s credit and what they can afford.
▪ Researches a variety of options.
▪ Negotiates the mortgage that works for the borrower.
▪ Gathers all necessary documents.
▪ Executes a lender application form.
▪ Explains legal disclosures.
▪ Submits documentation to the lender.
Questions to Ask Your Mortgage Broker
What mortgage types are available? The mortgage broker will be able to explain the various loan types including balloon loans, adjustable fixed rate, interest only, negative amortization, reverse, and graduated.
What is the current interest rate? Knowing the interest rate will determine your monthly payments and is an important part of your final decision regarding your loan.
What forms need to be filled out? All necessary forms will be completed by the mortgage broker.
What documentation is necessary? The mortgage broker will help to collect all documents needed to apply for a loan.
What are the closing costs? Determine the closing costs before signing any documents.
How long will it take to close? The mortgage broker should be able to help speed up this process.
Refinancing
If interest rates continue to drop, it makes sense to refinance your home. Even if you have refinanced in the past, refinancing more than once can help you get an even lower rate. Refinancing now can establish a consistent monthly payment and free up money for other expenses such as remodeling, college tuition, or health related costs. A mortgage broker will be able to obtain the right refinancing loan for you.
Home Equity Loans
Obtaining a home equity loan can also help with your financial needs. The equity you have in your home can be used to pay unexpected bills, schooling, and for home remodeling. A home equity loan usually is available for a shorter time period than a first mortgage. Consider taking out a home equity loan to help you with your financial needs.
Whether you are seeking a new mortgage, a refinancing loan, or are in need of a home equity loan, one of our brokers will be able to assist you. Please contact us for an appointment to discuss your lending needs with one of our experienced mortgage brokers.
