First Connecticut’s First Mortgage program provides many options from which to choose for financing the purchase of a principal residence. Each mortgage loan is unique and offers specific fine points to suit every financing need.
Fixed-Rate First Mortgage
- Rate is fixed for the life of the loan at 30, 20 or 15 years.
- Ideal for those who know they will reside in the home for a long time and feel comfortable with meeting the set mortgage payment every month.
Adjustable-Rate First Mortgage
- Rate is fixed for a specified number of years, and then adjusts yearly thereafter until the term ends.
- Loan features adjustment caps as well as rate caps throughout the term.
- Fixed portion of the term can be set for 1, 3, 5, 7 or 10 years.
FHA Mortgage
- Insured by the Federal Housing Authority.
- Maximum loan amounts are set by county.
- Minimal down payment of 3% is required.
- Check with your First Connecticut mortgage specialist for information on the town you are interested in.
VA Mortgage
- Insured by the Veterans Administration.
- Certificate of Eligibility required, which will determine the maximum loan amount you can borrow.
- Zero down payment with closing costs financed available for those who qualify.
Reverse Mortgage
If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit, monthly income or a combination thereof. First Connecticut can pair you with the right FHA lender to fit your needs, providing easy access to the equity you have built in your home.
Additional Mortgages
Loans are also available for:
- Investment properties
- Second homes
- Single-family residences
- Condominiums
- Co-ops
- Multi-family residences (up to four families)
Home Equity Line of Credit
Think of your equity line as a flexible, revolving credit safety net. When you apply, you qualify for a fixed maximum amount of cash made available to you. While there’s no obligation to use the money, it is there when you need it. Simply write a check for the amount of your expense! Borrow only what you need, and repay only your borrowed balance.
- Rates are variable.
- Terms available include an 10-year draw period; maximum term of 25 years.
Home Equity Loan
- An equity loan is ideal for large expenses. Borrow a single lump sum for a home addition, college tuition, a dream vacation or whatever your need. Your loan annual percentage rate makes it worth your while to borrow now to reach your immediate goals.
- Rates can be fixed for the life of the loan; terms are 5, 10 and 15 years.
Refinancing is Another Good Choice
- If you currently own your own home and have your mortgage loan with another lender, refinancing at first Connecticut may save you on your monthly payments as well as for the long term. We have partnered with major lenders to offer the most competitive rates. Contact us for a free evaluation.
Our home loan programs are . . . Flexible and Affordable.
A Home is Within Reach at First Connecticut!
Whether you’re buying or borrowing, home loans from First Connecticut provide the means to achieving important goals in your life: a First Mortgage for your first or new home, a Home Equity Loan for major expenses like home improvements or debt consolidation or a Reverse Mortgage. Whatever your need, our program is designed to accommodate the individual needs of our members.
When you are ready to make your first home purchase, borrow against the equity in your current home, or looking to save with refinancing, see a First Connecticut mortgage specialist to discuss your needs in confidence. Because rates change often, please call the credit union for the latest rates at 203-269-8718, Option 4.
