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Dont get swindled applying for Connecticut mortgages

Posted by  on Jul 06, 2010
 
Shopping for a Connecticut home loan isn’t an easy process, not that anyone ever said it was. If you get a bad interest rate, your Connecticut home loan will cost you a lot more than it should. Be prepared, though, and you’ll have a good chance of getting the best possible Connecticut mortgage rates. Following are some tips and steps to obtaining the best Connecticut mortgage loan.

First and foremost, before applying for Connecticut home loans, take a look at your credit report. If there are any discrepancies, make sure to get them cleared up before starting the Connecticut home loan application process. You should also try to pay off as many of your debts as you can, so you’ll look as good as possible to prospective lenders.

Secondly, you want to make sure any Connecticut mortgage lenders you deal with are acting within the law. Connecticut has the Abusive Home Loan Lending Practices Act, which restricts balloon payments, default charges and prepayment penalties. The act also prohibits mandatory arbitration clauses and other predatory lending practices. Connecticut mortgage brokers are required to be licensed and carry a surety bond of $40,000, so you should see a copy of their license, as well. These laws serve to benefit home buyers, and Connecticut mortgage brokers and lenders must comply.

The next thing you must do when shopping for a Connecticut mortgage is to decide which mortgage program will fit your life the best. You can get quotes from several different Connecticut mortgage lending institutions, including credit unions, banks, online mortgage companies and mortgage brokers. You should definitely shop for the best deals.

Aside from shopping Connecticut mortgage rates online, home buyers can also research home mortgage programs through the state and federal government. Connecticut offers programs for veterans, disabled persons, low-income buyers, single parents, senior citizens, and rural home buyers. Connecticut home loan programs come from such agencies as Urban Rehabilitation Homeownership Program, Teacher Mortgage Assistance Program and the Police Homeownership Program, just to name a few.

The next step is to decide on a Connecticut mortgage lender and get pre-approved for a home loan. Once you’ve decided on a Connecticut mortgage lender you actually want to apply with, have all your paperwork ready. This includes including pay stubs, tax refunds, investment information and other specific documents.

Before you sign anything, make sure that you truly understand all the terms of the Connecticut mortgage contract. It can’t hurt to have an attorney read the documents before you sign them, either. There are great opportunities to get Connecticut home loans that will secure the best possible future investment for you and your family. As with any industry, though, there will always be opportunities for people to get ripped off, so you want to be careful.

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