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Connecticut Mortgage Rates

Overview of Connecticut Mortgages and Rates

Locating the best rate Connecticut mortgage is fast and easy when you let help. Sure you can do it yourself, but why bother when that’s not necessary? A few steps are involved and the first one starts with determining your objective. Next you need to become familiar with interest rates and the different types of mortgages offered in Connecticut. Home ownership does have consequences, so understand those, too. Only then are you really ready to seek out qualified Connecticut lenders and start filling out mortgage applications. With all this out of the way, you can finally start looking at and comparing mortgages. This sounds like a lot, and it is. But remember, the resources available at can help with every step.

Something you may not realize is that owning a home often translates into considerable tax savings. Estimate how much you can save using the Tax Savings Calculator at Points paid, interest on the mortgage, and property taxes are all allowable deductions according to the IRS. The first few years you own your home are the years you’ll deduct the most, because those are the years you pay the most interest on your mortgage. Let the amortization table show you how the numbers change from year to year. When it comes to points paid, they can be fully deducted in the first year on a new home mortgage, but must be deducted over the life of the loan if the mortgage is a refinance.

Connecticut fixed-rate mortgages structure

Are you a Connecticut borrower who’s better suited towards a mortgage with a conservative structure? Then a fixed-rate mortgage (FRM) with its never-changing interest rate and payment schedule may be the better choice. With it there are no surprises and no balloon payments so you won’t have to worry about refinancing. Thirty-year FRMs are the most common, however they are also offered for 10-, 15- 40- and even 50-year terms. One benefit of a shorter term loan is (usually) a lower interest rate.

Compare Connecticut mortgages side by side

With something as significant as a Connecticut mortgage, you shouldn’t settle for the first quote you get. You need to work with different lenders to see what each has to offer. It’s the best way to potentially save money. Don’t worry – the directory of Connecticut brokers makes contacting them easy.

Want more useful tips? Here they are:

If you’re getting quotes for different types of mortgages, first sort them by loan type, which will probably be ARMs and FRMs. Understand the differences, choose the best from each category and then use a mortgage calculator to put the two head-to-head to see which best suits your needs.

There’s more to a good mortgage than having the lowest monthly payment. Those low payments on option ARMs and interest only mortgages don’t last forever. Higher payments may make it more difficult to repay your debt. That can cause a delay in building equity as well as higher costs for interest.

What’s the surest way to get the moving van to your new cottage in western Connecticut or beach home in Mystic quickly? Communicate your needs to Connecticut lenders and let them search for the perfect mortgage deal.

Popular Areas in Connecticut

East Hartford
New Haven
New London
West Hartford