Connecticut Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Connecticut, a tiny state on the east coast, is surrounded by New York, New Jersey, Massachusetts, and of course the Atlantic Ocean. Known for its beautifully colored leaves in the autumn, Connecticut settlements began around 1623. Previous to the Dutch and the English, it had been inhabited by various Indian tribes. Presently, its largest cities are Bridgeport, New Haven, Hartford, Stamford, Waterbury, Norwalk, Danbury, New Britain, West Hartford and Greenwich. "Yankee Doodle", a popular nursery rhyme from the 1700s, recited and sung by children all over North America, became the state's official song in 1978.

Although Connecticut as a whole has not seen the massive foreclosures like other regions throughout the US, New Haven has the highest number in the state. In 2008, the state's governor, M. Jodi Rell, announced a program to assist subprime borrowers, those with poorer credit scores who would have difficulty refinancing. Fifty million dollars was earmarked for borrowers who were either in default or close to losing their homes. The Connecticut mortgage refinance would be administered by The Connecticut Housing Finance Authority (CHFA).

Additionally, Connecticut has laws that try to protect the home owner from foreclosure. Borrowers who are experiencing financial hardship may be able to obtain help by seeking a Connecticut mortgage refinance by speaking with their lenders. Before foreclosure takes place, they must be told about about available programs such as the Emergency Mortgage Assistance Program and HUD programs. They are also entitled to a meeting with the lender to hear all options in order to resolve the default on the loan.

For home owners who do not qualify for traditional refinances nor specialty programs listed previously, they might be able to seek assistance through Homeowner's Equity Recovery Opportunity (HERO), a program where the state government buys the mortgage from the lender and administers the repayment directly with the borrower. For some, this is a perfect solution to their mortgage issues and gives them a chance to obtain a Connecticut mortgage refinance.

Lastly, many banks have indicated that they will try to reach out and help borrowers through the Mortgage Relief Initiative specifically targeting those making high monthly payments due to high interest rates. Home owners were encouraged to call their lenders sooner than later because there is more opportunity to help before the loans become severely delinquent or close to foreclosure. Hence, this was another way for Connecticut residents to benefit from Connecticut mortgage refinance.

Indeed, Connecticut is a state with a proud and strong history. A beauty to visit, in times of need, the state should be praised for coming together and rising to the challenge of resolving its mortgage crisis.

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