Hours: Monday - Friday 9:00am - 3:00pm 127 Washington Ave East Building 2nd Floor
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Phone: 203-239-0346 Fax: 203-234-2867 |
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"We ARE
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Home Loans: Understanding Your OptionsA home loan is a type of loan used to finance the purchase of a property. It is a long-term loan that can be used to buy a house, apartment or any other type of residential property. Types of Home LoansThere are several types of home loans, or, as they are also called, mortgages. To choose the type that is best for you, check them out in more detail. Conventional LoansThese loans are not backed by the government and are offered by private lenders such as banks, mortgage companies, and credit unions. FHA LoansFHA (Federal Housing Administration) loans are backed by the government and are designed to help first-time homebuyers or those with lower incomes. They have more relaxed credit score requirements and allow for smaller down payments. VA LoansVA (Department of Veterans Affairs) loans are available to eligible veterans and their families. They offer competitive interest rates and require no down payment. USDA LoansUSDA (United States Department of Agriculture) loans are intended for low-to-moderate-income individuals in rural areas. They offer no down payment options and lower interest rates compared to other loan types. Available Loan TermsThere are several types of mortgages, but the most common are fixed-rate and adjustable-rate mortgages. Also, home loans are short-term and long-term. Fixed-Rate Loans. These loans have a fixed interest rate that stays the same throughout the loan term. Adjustable-Rate Loans. These loans have an interest rate that can change over time, usually in response to changes in the market. Short-Term Loans. These loans have a loan term of 10 years or less. Long-Term Loans. These loans have a loan term of 30 years or more. Factors to Consider when Choosing a Home LoanThere are a few key factors to consider when choosing a home loan. First of all, you should pay attention to the following points:
What We OfferAt Connecticut Federal Credit Union, we are committed to helping you achieve your dream of homeownership. We are here to guide you through the home loan process and help you find the right loan for your needs. We offer a variety of home loan options, including long-term and short-term, to meet the needs of all types of borrowers. So whether you are a first-time homebuyer, looking to refinance, or in need of a loan for a second home, we have a solution for you. Loan Terms Offered by Connecticut Federal Credit Union:
At Connecticut Federal Credit Union, we are dedicated to providing exceptional service and competitive rates. Our team is here to answer your questions and help you every step of the way. So contact us today to start your home loan journey.
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