Connecticut Refinance Loans – Using A Cash-Out Refinance To Purchase A Second Home.

Posted on January 20th, 2008

Connecticut has a wealth of property for real estate investors. Cities like Stamford, Bristol, Newtown, Greenwich, and Norwalk are notorious for their investment potential. If your current Connecticut mortgage is almost paid off, you may want to consider using cash-out refinancing to purchase a second home in Connecticut. Cash-out refinancing will allow you to put a down payment on a property or perhaps even purchase it outright.

What to Do With the Property

Is a huge draw for tourists. If you don’t plan to live in your second home, you may want to consider renting it out on a short term basis to those who are vacationing in the state. You may also want to consider purchasing a property near one of the many college campuses located throughout Connecticut. There is a general shortage of student housing in the state, making rental property a hot commodity for savvy investors.

How Much You Can Borrow

The amount of money that you can borrow with a Connecticut cash-out refinance depends on how much you still owe on your home and the lender that you choose. In most cases, you will be able to borrow anywhere from 80 to 125.

Getting a Good Refinance Package

When it comes to Connecticut refinance loans, there are tons of ways that you can save on interest rates, lending fees, and closing costs. First off, try to whip your credit into shape before applying. Second, take time to shop around and compare interest rates and lenders. You may be able to get a refinance package that comes with low introductory rates, zero closing costs, and limited points and fees.

Visit to see our Top 3 Refinance Lenders Servicing Connecticut, whether you are looking for home purchase, refinance or a home equity loan.

Article Source: http://EzineArticles.com/?expert=Jane_A._Hale

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Connecticut Home Equity Loans - How Much Will Your Home Equity Loan Cost You?.

Posted on January 20th, 2008

If you have managed to build up equity in your Connecticut home and you are thinking about taking out a home equity loan, you could be making a very wise decision. A Connecticut home equity loan is a great borrowing option for savvy homeowners. These types of loans are relatively easy to obtain and come with the benefit of low, tax-deductible interest. Even so, you should try to establish how much your Connecticut home equity loan will cost you before making any final decisions .

Interest will be, by far, your biggest cost when you borrow from your home’s equity. Though loan rates are quite low compared to other loans, you will still feel the hit. Checking out before you apply for your Connecticut home equity loan is a good idea because it gives you something to compare your loan offers to. Currently in Connecticut, interest rates on $30,000 home equity loans average between 5.5 percent and 8.5 percent. Keep in mind, however, that rates can change on a monthly, or even a daily, basis. Your credit score will also affect  the total amount you pay.

Other Connecticut Home Equity Loan Costs
Though interest will cost you a pretty penny, it is not the only expense associated with a Connecticut home equity loan. You will also be required to pay closing costs and other fees. The closing costs on a Connecticut home equity loan are very similar to the fees paid when you took out your original mortgage. Unless you can get your lender to pay some of the expenditure, you will be responsible for paying attorney fees, title fees, document preparation, appraisals, and insurance costs. You may also be required to pay points and an annual loan maintenance fee.

Visit Wheaton Ilinois Real Estate to see our Top 3 Home Equity Lenders in Connecticut, whether you are looking for home purchase, refinance or a home equity loan.

Article Source: http://EzineArticles.com/?expert=Jane_A._Hale

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