Are you feeling overwhelmed by your mortgage payments? In Connecticut you are not alone. Maybe the rate on your adjustable rate mortgage has adjusted up and now you are having a hard time with the payment. Maybe you have had a decline in your income and the fixed rate loan you thought was a great safe move is now hard to pay each month. You should consider refinancing today into a low fixed rate mortgage you may be able to save a bundle.
Save Your Credit Score By Refinancing
A few years ago adjustable rate mortgages looked like great options. The allowed you to take advantage of a booming real estate market and make the payment affordable at the time. Some of those who obtained an adjustable rate mortgage did not really understand what they were getting themselves into. An adjustable rate mortgage loan does just what its name implies, the interest rate adjusts periodically based on market conditions (your rate is a combination of an “index” and a “margin” and the “index” changes periodically).
Perhaps now your rate has adjusted up and you are now struggling to meet the payment on your mortgage. Some borrowers are forced into bankruptcy or end up being foreclosed upon due to the payment change. Whether you have a fixed rate or adjustable rate mortgage, if you are having difficulty making your monthly payments, you should attempt to refinance immediately.
Every time that you are late on your mortgage payment you damage your credit score. Many borrowers do not understand the full implication of making late mortgage payments, but the fact of the matter is that late mortgage payments are one of the most damaging notations that can be entered onto your credit report and should be avoided at all costs. Some mortgage options are not available if you have even one late mortgage payment in the past 12 months. (A late mortgage payment is one paid more than 30 days after the due date, not one paid after the 15th but before the 30th of month it was due)
Getting A Fixed Low Rate Mortgage in Connecticut
Today choosing a low fixed rate mortgage can offer you dependability and stability in your mortgage payment. One you can build your budget around. The longer the term you select the more affordable the monthly payment will be. Most borrowers select a 30 year term for repayment for the payment. If you originally had an adjustable mortgage the fixed rate loan will offer you a dependable payment that will not change in the future on you. Let’s talk about where you are and where you would like to me. A refinance of you current mortgage may help you to get where you want to be.
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"