Maybe you’re buying your first home in Connecticut, or perhaps you’re relocating to Connecticut from another state. Either way, it’s important that you educate yourself on Connecticut home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Connecticut:
The median price of a home in Connecticut is $166,900. Recently, homes in Connecticut have been appreciating at rates comparable to the national average. However, in some parts of Connecticut, appreciation rates are at an all time high. As a result, income levels in many parts of Connecticut are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Connecticut cities pay more than the recommended 30% of their incomes toward housing.
The price of homes in Connecticut varies widely between zip codes. For example, in Greenwich, Connecticut, the median price of a home in the summer of 2005 was $1.2 million; however, in Westport, Connecticut, the median price of a home was $750,000, and in Danbury, Connecticut, it was $365,000. Average interest rates in Connecticut are below the national average.
Connecticut state law does allow the issuance of home equity lines of credit; however, it does not allow borrowers to draw on them by means of a credit card or similar device. The borrower must draw on their loan by obtaining a check or cash distribution from their lender.
Connecticut’s Fair Housing Act prohibits mortgage lending discrimination against individuals based on their race, color, religion, gender, familial status, or national origin.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Connecticut Mortgage Rates and Loans .