Getting the Best Mortgage as a First Time Home Buyer in Connecticut
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 a first time home buyer in CT hoping to get competitive—and affordable— mortgage rates.
With home values increasing each year, CT first time home buyers should take the time to compare multiple offers from Connecticut first time home buyer lenders to ensure that their loan will be affordable over time.
How Much House Can a First Time Home Buyer in Connecticut Afford?
For first time home buyers in CT, affordability is much more complicated than simply finding out how large of a mortgage you can get approved for.
Connecticut first time home buyers will also have to take into consideration additional affordability factors, like the closing costs of purchasing a home, monthly budget, and debt-to-income ratio.
Visit any of the CT first time home buyer calculators below to analyze factors like location, household income, down payment, and monthly debt.
Finding the Right Home as a Connecticut First Time Home Buyer
As a first time home buyer in Connecticut, house hunting can be an exciting process—you get the opportunity to look for the home qualities that you have always dreamt of.
When it comes to choosing the right home for Connecticut first time home buyers, however, there are plenty of factors to consider.
While looking for their ideal home, first time home buyers in CT should think about the following features:
The location of a home for a first time home buyer in Connecticut is incredibly important, since it will determine whether you live in a neighborhood that is quiet, busy, young, old, family-oriented, or business-oriented.
As a CT first time home buyer, you’ll want to make sure that you thoroughly research the neighborhood before committing to a Connecticut first time home buyer mortgage.
Depending on the neighborhood or county, the location of a home could also impact the type of mortgage rate that first time home buyers in CT receive, which is also something that CT first time home buyers should strongly consider.
Age of the Home
There’s no denying that older homes have character, but as a first time home buyer in Connecticut, you’ll want to make sure that you are prepared for the upkeep and repairs on an older home.
If you prefer to buy an older home, make sure that you have the right expectations—and budget—to make the necessary repairs or renovations.
Space Inside the Home
This might sound like an obvious consideration to take, but many first time home buyers in CT forget to consider how the space inside the home will fit into their plans.
A first time home buyer in CT that plans on having children, entertaining often, or having guests for extended stays will want to make sure that their home is spacious enough to accommodate these needs.
Additionally, first time home buyers in CT will also want to consider factors like their daily commute to work, the local school district, and whether the property values in the neighborhood are projected to change.
Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Connecticut
Finding a great mortgage as a first time home buyer in Connecticut may take time, but the payoff is certainly worth the effort.
As you search for the best mortgage rates in Connecticut, you may want to ask yourself the following questions:
- Do the best CT first time home buyer loans come from banks or credit unions?
- Can I get better terms or rates from online-only lenders?
Ultimately, finding the best loans for first time home buyers in CT is a combination of evaluating long-term affordability and partnership.
No matter what lender you choose, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.
There are plenty of ways to identify the best mortgage providers for a first time home buyer in CT, including fees, quality of customer service, competitive rates, and what type of support they offer to first time home buyers in CT.
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