Best Mortgage Refinance Companies in Hartford

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• Can a mortgage refinance in Hartford affect your credit score?

  It can, but only temporarily. When lenders run a credit check, your credit score will drop slightly. This is especially true if you applied to several Hartford lenders in search of the best interest rate available. You can avoid such credit inquiries by limiting your loan applications to no more than 14 to 45 days. Finally, closing your original mortgage will lower your credit score because you are ending a long-term credit relationship. This will not affect you if you closed the account in good standing.

• Can moderate-income homebuyers be eligible for the HouseHartford Homebuyer Assistance Program?

  Yes. The HouseHartford Homebuyer Assistance Program was designed for low- to moderate-income families. The threshold household income for eligibility should be between $66,150 and $102,100, depending on the size of the household. For more information on this program, contact the Division of Housing at the Department of Development Services at 860-757-9028. The division's office is situated at 260 Constitution Plaza Hartford, CT 06103.

• What should you do if you anticipate not being able your pay off your mortgage in Hartford on time?

  Call (800) 569-4287 to speak with a HUD housing counselor right away. Never disregard this issue because it could lead to home foreclosure. The housing counselor can assess your situation and advise you on how to keep your mortgage current. You can also contact a HUD-approved housing counselor in Hartford at (860) 560-4210 or the Urban League of Greater Hartford, Inc. at (860) 527-0147.

• How do you become eligible for the Mobile Manufactured Home Refinance Program in Hartford offered by the Connecticut Housing Finance Authority?

  You must own the mobile manufactured home in Hartford that serves as your primary residence. If you own an investment property, you may not be eligible. To be eligible, you must have owned the property for at least a year and made on-time payments for a period of 12 months. You must also meet the income eligibility requirements. Please keep in mind that, due to the program's limited funding, the offer may be withdrawn at any time.

• When is a good time to refinance your adjustable-rate mortgage in Hartford?

  If you can get a lower interest rate by refinancing to a fixed-rate mortgage, it may be time to change your adjustable-rate mortgage. The predictability of a fixed-rate loan can provide you with certainty in the midst of the market's recent volatility. However, before making any changes, you should consider several factors. You must determine whether your credit score is sufficient to obtain a competitive rate. If refinancing makes sense for you in Hartford, you should also consider your long-term goals and financial plans.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.