Waterbury, CT is located in New Haven County approximately 33 miles south west of Hartford, on the Naugatuck River. Waterbury, CT has a population of approximately 110,000. Nicknamed the “brass city”, Waterbury once had a high industrial population and was the leading manufacturer of brass wares. Today, Waterbury, CT is a booming city with a lot to offer in homes, real estate and employment.
The decision to buy a home is a big one, no matter where you choose to settle down. Most people in the United States only live in a home for four years. However, this is not optimal, especially if you have a mortgage. The longer you stay in a home, the better off you are.
When you go to a lender for money to buy a house, they will give you a mortgage. Most mortgages carry terms of 2 to 5 years and are amortized for the entire cost of the house you have chosen over 15 to 30 years. This means that every 2 to 5 years, you will have to refinance or renew your mortgage for the balance remaining.
At the start of a mortgage, you will have to put down a down payment, which is usually 5 to 25 percent of the cost of the house. When you renew your mortgage, you will not have to put down a down payment. However if you refinance your mortgage, you may have to pay a down payment or penalties for paying out your original mortgage before the renewal date.
Interest rates are what make a mortgage. Obviously, you want to get the lowest interest rate possible, and if you get a great rate, then you want it for as long as possible. The lowest rate in a long time, say a year, constitutes a good rate, or any rate at least one point below what your current mortgage rate is sitting at. Interest can end up costing you tens of thousands of dollars over the course of your mortgage and the lower the rate, the less you mortgage payments will be as well. If you can only afford ‘x’ amount of dollars per month, a lower interest rate means you can afford more for a house.
If you already own a home in Waterbury, CT, you may want to look at taking out a home equity loan. Home equity loans are determined by the market value of your home minus the amount owing on your mortgage. Some lenders will allow you to borrow 100 percent of your home’s equity. That money, your money, can sure come in handy for a lot of different reasons.
A home equity loan can be used in two ways: as a revolving line of credit where you would use it similarly to credit and make monthly payments at the minimum at least, or as a lump sum. A good idea for the use of the money is home renovations. Home renovations increase the value of your home, which translates to more equity saved in your home. Other good uses for money that you borrow as a home equity loan are to pay off high interest loans or credit cards or to finance a college education for your children.
Your home is a great investment and the longer you stay in it, the more it is worth and the more money you can make from it. Housing prices are constantly on the rise, so the longer you stay, the more your home will be worth and the more equity you will have built that you can borrow against or will receive when you sell your home.
We can help you find the financial product that is right for you. Start a dialogue with us by filling in the form below so that we can get started finding you the right product with a great interest rate.
