Best Mortgage Rates in Connecticut (New Home Loans & Refinance Mortgages for 10-30-Year Fixed, Jumbos & 5/1-7/1 ARM)
Connecticut home values are on the rise, a trend which is predicted to continue throughout the next year.
According to Zillow, the median home value is currently $246,800, marking an increase of 2.6 percent within the past year. The median price of listed homes is even higher, coming in at about $300,000.
Experts predict that home values will continue to rise by as much as 1.7 percent in 2018, which may pose a significant challenge for home buyers in Connecticut hoping to get a competitive CT mortgage rate.
With accelerated home values, finding manageable CT mortgage rates is crucial for home buyers to ensure that homeownership remains affordable over the long-term.
Which Connecticut City Are You Located in?
When it comes to finding the best CT mortgage rates, there are plenty of factors to consider, especially when it comes to current mortgage rates in CT.
For many mortgage lenders in CT throughout Bridgeport, New Haven, Stamford, Waterbury, Danbury, New Britain, and other cities, the location of the home will play a large role in what type of CT mortgage rates are available.
This means that homes across the state could have varying mortgage rates in CT based on the individual city, neighborhood, and the condition of the home itself.
While you are searching for the best mortgage rates in CT, it may be worthwhile to check the rates for neighboring cities to explore other CT mortgage rates and CT mortgage refinance rates that could potentially be more affordable over the long run.
See the table below for a list of some of the largest cities in the state offering a wide range of Connecticut mortgages.
|Top Connecticut Cities||Population (2016)|
Key Requirements for Buying a House in Connecticut
Before you apply for a Connecticut mortgage, you’ll want to complete the below list of requirements.
- Get your down payment ready (~20% of the loan amount)
- Maintain good to excellent credit
- Save some extra funds for your closing cost
- Maintain a low debt balance
- Demonstrate sufficient income
- Gather your financial documents
- Get a home appraisal on the home
You’ll also need to examine your options for Connecticut mortgages before choosing the best mortgage rates in CT for you.
Thimble Islands—Branford, CT
Good, Great, or Excellent Credit Score for Mortgage Rates in CT
Most lenders that provide competitive Connecticut mortgages use a FICO score to determine if a Connecticut-based borrower is creditworthy or not.
Because your credit score plays a large role in the kind of CT mortgage rate you will receive, it’s worth taking the time to look over your credit before applying for the best CT mortgage rates.
FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.
FICO scores generally fall into these categories:
- 300 – 629 is considered “Bad”
- 630 – 689 is considered “Fair”
- 690 – 719 is considered “Good”
- 720 – 850 is considered “Excellent”
If you’re curious about the average credit score, see the table below for average FICO scores from 2005-2015.
Conclusion – Finding a Top Mortgage Loan for a Home in Connecticut
When searching for the best CT mortgage rates for you, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking a CT mortgage rate (new homes or refinancing) for a loan totaling over $424,100, some lenders may be able to provide different terms and different mortgage rates in CT.
For this reason, it’s important to confirm any CT mortgage rates and terms for specific amounts before making a commitment.
Additionally, it’s also important to keep in mind that APR and payment information often does not include state-specific taxes or required insurance premiums.
As such, you should expect that your monthly Connecticut mortgage payment will be greater when taxes and insurance products are added.
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