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A: Why use a Connecticut Mortgage Broker?
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2. Looking for a Home >>
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In today’s mortgage market, a Pick-a-Payment Mortgage has been developed to offer a client an opportunity to decide monthly how much money to pay toward the mortgage. The Pick-a-Payment Mortgage payment may be a low introductory rate below prime, interest only, 30 year fixed, or 15 year fixed. The homeowner selects what payment fits each month. This mortgage is usually calculated off an index such as the LIBOR, COSI, or COFI. (These indices are tracked daily in most financial papers.) These indexes are more stable than the bond and therefore are less likely to incur large swings.
When should you consider a Pick-a-Payment Mortgage? First, a down payment of 20% is usually needed as well as an acceptable credit score. With these parameters in place, the Pick-a-Payment Mortgage programs are ideal for first time homeowners, commissioned and self employed professionals.
In order to accurately assess whether or not a Pick-a-Payment Mortgage is right for your next home, contact one of our mortgage professionals.
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