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Connecticut Mortgage: A Worthwhile Investment
The Climbing Connecticut Housing Market
In the early 1990s, the Connecticut housing marked dropped significantly, but since this time it has slowly been on the rise again. Currently, new home construction is increasing and the average sale price for homes is also rising. Therefore, something to consider when looking for mortgages is that in Connecticut homes are currently appreciating in value, making a mortgage a good investment.
Another aspect of the Connecticut housing market to consider when looking for a home is where you want to live. Current trends show that New Haven, Fairfield and Hartford counties account for over half of the new housing development. Therefore, if looking for a newly built home, these are the places to seek. Also, a few cities have significantly higher average market prices for homes such as Greenwich, Fairfield and Ridgefield. So, if you are looking for less expensive homes stick to cities such as Torrington, Naugatuck and West Hartford.
What is a likely Connecticut Mortgage Payment Rate?
When deciding which type of mortgage you need it is necessary to take into account your income and expenses. Your income largely determines the monthly payment rate on the mortgage. The longer you have to pay off the mortgage, the lower the monthly payments will be, but you will end up paying more overall in the long run if it take the whole forty or fifty years to pay back. The different lengths of time to finish paying off a mortgage can allow people to buy homes they want to live in for a long time and still keep it affordable.
In Connecticut, the middle range mortgage payments are typically between $473 and $533 per month, although with rising housing costs this rate could increase. Furthermore, around thirty percent of home owners in Connecticut have mortgage payments of $2,000 or more per month. Overall, the average in rate is comparatively low, being between 5%-11% for a thirty year fixed rate loan.
How to get an Affordable Connecticut Mortgage Rate
If you want to be a homeowner but do not think you have the income to afford it, there are a number of available options. In Connecticut the State Housing Finance Agency (an HFA) has a variety of assistance programs to help people interested in owning a home be able to afford one. Going through an HFA can help to limit monthly payment cost, lower interest rates or even lower the overall cost of the home. Many times these programs offer assistance specifically geared towards first time homeowners, low income families and civil servants such as teachers or police officers. It is important to consider these assistance programs instead of trying to get a mortgage you really cannot afford in order to avoid foreclosure. HFAs allow for more homes to be affordable the families in the rising Connecticut housing market.