Fredda Takacs | Trumbull Real Estate, Fairfield Real Estate, Monroe Real Estate


A fixed-rate mortgage (FRM) offers one of many financing options for homebuyers. It enables homebuyers to lock in an interest rate on a home loan and pay a set amount each month for the life of a mortgage. As such, an FRM remains a popular option for homebuyers across the United States.

Ultimately, there are many benefits to choosing an FRM, including:

1. Easy Budgeting

With an FRM, your mortgage payments will always stay the same. Thus, after you get approved for an FRM, you can budget accordingly.

An FRM often serves as a great option for homeowners who struggle to maintain a budget. It ensures your mortgage payments will never rise or fall for the life of your loan, which may make it easier for you to map out a weekly, monthly or annual budget.

In addition, an FRM will stay intact regardless of market conditions. This means you won't have to worry about your mortgage costs rising even if interest rates increase nationally.

2. No Price Fluctuations

An FRM minimizes headaches for homebuyers, and for good reason. After you agree to FRM terms with your lender, you will know precisely what you'll be paying for your home.

Comparatively, an adjustable-rate mortgage (ARM) may be difficult for homebuyers to understand. This type of mortgage may fluctuate over time, which means the amount you pay in the first few years of your loan could escalate.

For example, a 5/1 ARM ensures that your interest rate will remain intact for the first five years of your loan. After the initial period, the interest rate may change annually. As a result, your monthly mortgage payments may fluctuate over the life of your loan.

3. Simple to Understand

Your lender will be able to outline the terms of an FRM with ease, as this type of mortgage ensures an interest rate is set in stone until your loan is paid in full. Plus, after you receive an FRM, you can focus on what's important – acquiring your dream home and enjoying this residence for years to come.

With an ARM, the interest rate for your loan may move up and down over the years. The factors that cause the interest rate to fluctuate are based on numerous market factors as well. Therefore, it can be tough to plan ahead for your monthly mortgage payments due to the fact that various factors may impact your loan's interest rate.

Determining whether an FRM is right for you can be challenging. Thankfully, banks and credit unions can define all of your home financing options and respond to any concerns and questions.

Furthermore, your real estate agent may be able to put you in touch with lenders in your area. This real estate professional also is happy to offer tips and recommendations to ensure you can get the financing you need to secure your dream house.

Examine all of your home financing options closely, and you should have no trouble obtaining a home loan that matches your budget.


66 Woodhaven Drive, Trumbull, CT 06611  

Residential
$369,900
Price
6
Total Rooms
3
Bedrooms
3/1
Full/Half Baths
Tashua on a great lot with a fabulous home! This 3 bedroom 2.5 bath ranch is located in one of Trumbull's most desirable neighborhoods and offers a master bath, hardwood floors, fireplace, incredible 1/2 acre property, a quiet street and so much more! Living room with stone fireplace, hardwood floors throughout, bright eat-in kitchen, formal dining room with access to deck. Terrific finished lower level family room provides great extra space plus office, laundry and sliders to terrific yard. 2 car attached garage, newer low maintenance vinyl siding, gas heat, central air conditioning, irrigation system and a great location make this delightful home an easy and affordable choice!
Open House
Sunday
July 15 at 1:00PM to 3:00PM
Location: 66 Woodhaven Drive, Trumbull, CT 06611   


510 Holland Hill Road, Fairfield, CT 06824  

Residential
$239,900
Price
6
Total Rooms
3
Bedrooms
2/1
Full/Half Baths
Estate sale! Present all offers! Really pretty 3 bedroom condo in Fairfield with private parking. This unit has newer windows and roof and is in move-in condition. Nicely updated kitchen, spacious living room, 1.5 baths, private parking on right side and a beautiful view of Gould Manor Park, perfect for walks, playground, fishing, and watching the games! This home has been rented for the past 10 years but is well taken care of. The sale is contingent on probate approval. The owners and agent make no representations on the condition of the home as they have no formal information due to estate sale status. Buyers are asked to perform their due diligence in buying "as is." One commission due and payable at closing. Common charges $190 until October when they go up to $250. There is a special assessment of $100 a month for the recent upgrades to siding, roofs and walkways that ends on November, 2019. Common charges cover snow & trash removal, exterior, lawn maintenance. Tenant owns window a/c's but wall unit in kitchen stays with unit. Electric heat. Property has great storage in basement and in attic. Rented Hot water heater. Bring your best offer! Holland Hill/Ludlowe High School Districts


Refinancing your home can have many benefits. First, you’ll be able to take out money to address immediate needs in your home like improvement projects. These things can only benefit your home’s value in the long term. Before you take the leap to refinance your home, you should be sure that you’re actually ready to take this step. Knowing what you’re in for allows the entire process to go more smoothly. Read on for tip to understand more about the refinancing process and what you’ll need.


Know Your Finances


Just like when you initially purchase a home, refinancing your home will require you to have your finances in order. Take a look at your budget and needs and determine if it makes sense for you to refinance your home. For example, your employment status or distance from life goals like retirement could have a factor on the term of the loan you’re willing to take out. A 15-year mortgage may make more sense than a 30-year mortgage, but your monthly payments will also be a bit higher. You need to take all of this into consideration before you refinance. 


Your credit score will also be a factor in refinancing your home just as it was when you initially bought your house. Check your score and see if any red flags pop up. Getting these corrected earlier rather than later can help you to get a better rate on the loan. There are plenty of free services that exist online that allow you to check your credit score.   


Know The Value Of Your Home


If you know the value of your home and understand how much equity you’ve built up in the house, it will give you a better idea of your refinancing options. You can’t get more than 70% of what your home is currently worth as a cash-out refinance. If you owe more than your home is worth, you might be in a tighter financial situation than you realize. You can do plenty of things to increase the value of your home; it will just take some time. You may even consider selling your house, making a move, and starting from scratch. Financially, this could be the best option, and you could also end up with a better interest rate.


Getting your finances in order and the simple act of preparing for a home refinance could give you some insight into your financial picture after being a homeowner for some time.


Stay out of debt. Don’t open new accounts. Pay down any debt you may have. That is the standard advice for people who are trying to get in good financial standing before buying a home or refinancing a home. 


Do some research and find the best home loan refinance rates around. Then, look into your own finances and decide what’s best for you regarding refinancing your home loan.      



510 Holland Hill Road, Fairfield, CT 06824  

Residential
$249,900
Price
6
Total Rooms
3
Bedrooms
2/1
Full/Half Baths
Estate sale! Present all offers! Really pretty 3 bedroom condo in Fairfield with private parking. This unit has newer windows and roof and is in move-in condition. Nicely updated kitchen, spacious living room, 1.5 baths, private parking on right side and a beautiful view of Gould Manor Park, perfect for walks, playground, fishing, and watching the games! This home has been rented for the past 10 years but is well taken care of. The sale is contingent on probate approval. The owners and agent make no representations on the condition of the home as they have no formal information due to estate sale status. Buyers are asked to perform their due diligence in buying "as is." One commission due and payable at closing. Common charges $190 until October when they go up to $250. There is a special assessment of $100 a month for the recent upgrades to siding, roofs and walkways that ends on November, 2019. Common charges cover snow & trash removal, exterior, lawn maintenance. Tenant owns window a/c's but wall unit in kitchen stays with unit. Electric heat. Property has great storage in basement and in attic. Rented Hot water heater. Bring your best offer! Holland Hill/Ludlowe High School Districts
Open House
Sunday
July 08 at 1:00PM to 3:00PM
Location: 510 Holland Hill Road, Fairfield, CT 06824   




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