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1. What Can You Afford >>
Quick Guide through the CT Mortgage Puzzle
FINDING THE PERFECT FIT
Today there is an ever-increasing variety of Connecticut home loan available to homeowners. As a Connecticut home loan professional, it is imperative that you have a good working understanding of every Connecticut home loan option you have to offer borrowers. Not every one will fit neatly into, or be best served by, a 30year fixed loan program. Borrowers today are more knowledgeable and are demanding better service from their Connecticut home loan lender. That service has to include a loan officer who knows the ins and outs of all Connecticut home loan programs available.
This chapter describes the basic details of the most popular Connecticut home loan programs offered. Please refer to your specific lender's guidelines for more detailed explanations.
The following questions can help select the type of Connecticut home loan that best suits a borrower's needs:
How long will the borrower expect to live in his home?
Generally, if it is under 5 years, some type of ARM 06 or balloon product is usually suggested. If a borrower wants to stay in the home a longer time, the security of a fixed Connecticut mortgage interest rate is preferred.
Can the borrower qualify for a fixed Connecticut mortgage interest rate or is a Connecticut home loan with a lower starting Connecticut mortgage interest rate needed to meet qualifying ratios?
An ARM product is usually the first choice but don't forget buy-downs and balloons.
Is the borrower expecting a promotion or 09 significant income increase in the near future?
A 2/28 ARM might be the answer.
If the borrower is interested in an ARM product, 10 does he feel like a gambler?
If the client feels like gambling on Connecticut mortgage interest rate fluctuations, then consider an ARM product over a fixed Connecticut interest rate mortgage.
If the client's debt ratio is 45%, or has a checkered 11 credit history, must you turn the loan down?
No, not if you can use a sub-prime lender. Many of their guidelines are expanded to accommodate a borrower whose loan is outside conforming guidelines. 12 Also, automated underwriting programs may approve a borrower with high ratios if the credit is good.
As a professional, you must know what programs will 13 fit each client. What Connecticut home loan would you offer borrowers in these situations?
Has only 3% of his own money.
Will only be in the home 2 years. 14
Is purchasing a condominium with 35% owner occupancy.
Is self-employed, has a credit score of 535 and can't verify income. 15 Wants to do an "80-10-10."
Is an investor and needs a Connecticut home loan for a rental property.
Wants to consolidate debt with a new Connecticut home loan and also get a home equity line-of-credit.
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