Jumbo Loans & More

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Adjustable Rate Mortgages (ARM)

When it comes to ARMs there’s a basic rule to remember…the longer you ask the lender to charge you a specific rate, the more expensive the loan.

2/1 Buy Down Mortgage

The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

Annual ARM

This loan has a rate that is recalculated once a year.

Monthly ARM

With this loan, the interest rate is recalculated every month. Compared to other options, the rate is usually lower on this ARM because the lender is only committing to a rate for a month at a time, so his vulnerability is significantly reduced.

Jumbo Loans

A bigger home needs a bigger loan. When you need a large mortgage, conforming home loans are sometimes not enough. If you’re looking for a Jumbo Loan in Connecticut, turn to Primary Residential Mortgage, Inc. Although a jumbo loan typically requires a higher credit score and down payment, it has a couple of advantages. This loan, for starters, does not require you to have private mortgage insurance. You also get to enjoy the flexibility of going for a 15- or 30-year jumbo loan at a fixed or adjustable rate. Limited availability in some areas.  With an interest-only mortgage payment, you will not pay down the loan’s principal balance during the interest-only period.

Get in touch with our mortgage loan specialists in Guilford to learn more about our jumbo loans.

Renovation Loans

Have you stumbled across a home that you would like to buy, but needs a little (or a lot) of work? Are you looking to build an addition or remodel part of your current home? If this is the case, then our FHA 203(k) loan program may be the ideal option for you. An FHA 203(k) loan enables you to finance not just the price of the home, but also the cost of needed and wanted fixes. With this kind of loan, you don’t have to scramble around to get the house repaired before closing. When you apply for an FHA 203(k) loan, note that it follows standard FHA guidelines to determine eligibility. Additionally, you have six months to make the changes to the house. If you’re looking for a great option for Renovation Loans in Connecticut, get in touch with us today!

FHA

Purchasing a house with little money saved, along with a less-than-perfect credit score, might seem like a pipe dream. Fortunately, you can transform this dream into reality with Primary Residential Mortgage, Inc.’s FHA home loan options. Our FHA loan programs in Connecticut are suitable for first-time homebuyers coming from families with low to moderate income. This means you can buy a home even if you have limited resources. Contact us at our local branch locations in Guilford or Branford to learn more.

VA

The VA loan program is ideal for veterans, military personnel, and military families looking to purchase their own home. If you are searching for VA loans in Connecticut, Primary Residential Mortgage, Inc. has you covered. Unlike other VA loan companies, our national presence along with our intimate local market knowledge allows us to offer better VA loan terms and rates than most. Contact us today to learn more.

USDA

Are you looking for a USDA loan in Connecticut? An affordable mortgage is within reach for rural Americans who want to own their dream home. The Rural Housing (USDA) program offered by Primary Residential Mortgage, Inc. is a home loan program for aspiring homebuyers who want to purchase a house within an eligible rural area. Contact our local teams in Guilford and Branford to learn more and determine eligibility for this great loan program.