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Portland Connecticut Mortgage Loans

Posted on October 26, 2016 · Posted in Connecticut Mortgage Company

Hello everyone, this is John Vecchitto, a loan originator with Northeast Financial and a life-long resident of Portland, CT.  Portland is a small community with a population of 8,732 people and 3,388 households.  As a resident born and raised in Portland, I understand the value of great customer service and the demographics of our small town.  Throughout my childhood I was an active member in our community and am happy to give back and help you with the biggest financial decision of your life, buying a home.

Like many small towns in Connecticut, Portland’s housing market has been experiencing ups and downs. The median sales price of homes averages $195,000 to $267,000 in our community,which has been pretty consistent over the years.  With the recent trends in the town Portland has become a buyers market. What this means is over the last year there has been a decrease in the number of available buyers, and an increase in the number of homes for sale.  What does this mean to you, the buyer? When the number of homes for sale is up, you’ll have more properties to choose from and most listing prices can be reduced so you get a better deal.

If you’re looking to purchase a home or refinance – residents of Portland have a lot of great options. One of the loans a lot of residents aren’t aware of is a USDA loan. To be eligible you must live in an area they consider “rural”, which most of Portland qualifies for. The benefit of this loan is there is no down payment required, and you’re even allowed to finance your closing costs. Other options for first time home buyers would be CHFA, which offers special discount rates for teachers and police officers, and FHA, which allows you to obtain a loan with as little as 3.5% down.  Now is also a great time to refinance. Here at Northeast Financial we offer options to help you refinance whether you’re looking to consolidate your debt, make some home improvements, or just looking to reduce your rate.

Northeast Financial works with small town communities like Portland all over the state. I am happy to help you navigate through the mortgage process. Whether you’re looking to refinance or purchase a home, we offer a wide array of mortgage products including the ones I mentioned above – but also: Conventional 1% Down, Veteran, FHA Streamline (No Appraisal), Reverse, Rehab Mortgages, and Jumbo Loans. We offer a free consultation either over the phone or in person to go over all your options. If you prefer, I can come out and meet you personally or you can come out to our office. I’m here to answer any questions in the meantime.

Give me a call today at 860-918-0251 or email me at johnv@northeast-mortgage.com

 

 

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

 

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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

 

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