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Benefits of Buying vs Renting a Connecticut Home

Posted on February 12, 2015 · Posted in Connecticut First Time Mortgage, Connecticut Home Purchase Mortgage
Hello everyone, this is John Vecchitto, a local loan officer with North-East Financial located in Middletown, CT.  Are you currently someone who feels “stuck” paying rent every month? Would you like to become a homeowner and put that money to good use?
With rates at historic lows, now is a great time to purchase your first home! Here at North-East Financial we pride ourselves on finding the right loan product for every client. Here at North-East we offer:
  • Low Down-payment loans
    • 3.5% down FHA loans
    • 3% down Conventional loans
  • 100% Financing loans
    • USDA loan
    • VA loans
    • CHFA DAP loans
  • Conventional loans with NO PMI!
Worried about closing costs? Contact me today to see how we can help you cover a portion of your closing costs. Thank you for reading and if you would like to learn more on the ways I can help you reach the dream of homeownership, give me a call today!

johnv_picJohn Vecchitto / Loan Officer
NMLS# 1127163
210 S. Main St. First Floor
Middletown, CT 06457
860-918-0251 (Cell)
860-788-7237 (Office Phone)
johnv@northeast-mortgage.com
Company NMLS 117273

 

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

1% down disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

Borrower contributes 1% down, lender contributes 2% down of the loan up to $5,000.00 for the down payment, and the borrower is responsible for any difference to get the required 3% down.  The principal and interest payment of a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.633%.  The principal and interest payment does not include property taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rates current as of 06/20/2017

 

 

3% down disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

The principal and interest payment on a 200K 30 year Fixed Rate Loan at 4.375% and 97% loan to value is 998.57 with 0 points due at closing.  The annual percentage rate is 4.433%.  The principal and interest does not include taxes and home insurance premiums, which can result in a higher actual monthly payment.  Rate current as of 06/20/2017

 

 

FHA Disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

The principal and interest payment on a 203,500 30 year FHA fixed rate loan at 3.25% on 96.5% loan to value is 1,025.99 with 0 points due at closing.  The APR is 4.491%.  Payments include a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and monthly MIP is calculated at .85% of the base loan amount.  The .85% monthly MIP is required for a specific period of time regardless of your down payment or equity in your home.  The principal, mortgage insurance, and interest payment does not include property taxes or home owner’s insurance premiums, which will result in a higher actual monthly payment.  Rates current as of 6/26/17