If you want choices, you've come to the right place. Norcom Mortgage offers you many different mortgage options. You can choose from different terms, different types of mortgages and loans that give you the extra funds to improve your new home after you buy it.
The key is finding the right home loan for your unique situation. When you work with one of our loan experts, you'll get the guidance you need to make a smart choice and find the right loan for you.
Conventional mortgages are home loans that are not insured or guaranteed by the federal government. They are the most popular type of loan used to purchase or refinance a single-family home. To qualify for a Conventional Mortgage, you typically need a minimum down payment of 5% of the home purchase price (typically requiring mortgage insurance.) If you have a down payment of 20% or more, you will not need to pay the additional expense of mortgage insurance. Conventional Mortgages usually meet Fannie Mae/Freddie Mac approval guidelines.
When you get a Fixed-Rate Mortgage, it means that the interest rate is “fixed” for the full term of the loan. That means that the principal and interest portion of the home loan will remain the same, as you repay your mortgage each month. If you want the security of knowing that your rate – and, therefore, your monthly payment – won’t change over the life of your mortgage, then a Fixed-Rate Mortgage is a good option to consider. (NOTE: Your monthly escrow payment may change, since taxes and insurance costs may change.)
An Adjustable-Rate Mortgage, or ARM, typically has a lower interest rate in the first years of its term. Then, the interest rate can change and adjust over time, based on an adjustable rate mortgage index, which is spelled out in the terms of the loan. A 5/1 ARM, for example, is a five-year adjustable rate mortgage with a low interest rate that remains the same for the first five years of the loan, then adjusts every year thereafter. Typically, an ARM will have low and a high limit on how much your payments can change over a given period of time, as well as over the term of the loan.
An ARM is often attractive to a buyer who expects to stay in their home for only a few years. For example, if you purchase a 5/1 ARM – with a low, set rate for the first 5 years – and plan to move before the mortgage rate adjusts to a higher rate, you can save money on your interest costs. So whether an ARM is right for you all depends on your circumstances and goals.
Fannie Mae and Freddie Mac set a dollar value, called the conforming loan limit, to define the home loan sizes that they will guarantee. A Jumbo Mortgage exceeds this dollar value and, as the name implies, it is typically used to purchase a luxury home that exceeds the value of the average home in the area. Because the borrower is asking for a larger loan amount, the interest rate on a Jumbo Mortgage is usually higher.
The mortgage term is simply the amount of time that the buyer has to repay the home loan. Typical terms include 30, 20, or 10 years. Norcom offers a complete range of terms, and our loan officers will work with you to determine which type of loan best suits your needs and budget.
A Government Mortgage is a loan that is insured by a department of the U.S. government, such as the Federal Housing Administration (FHA), or the Department of Veterans Affairs (VA). Typically, a Government Mortgage offers the homebuyer a lower down payment requirement and/or a lower interest rate.
FHA Mortgages are designed to help low-to-moderate income homebuyers purchase a home. They offer the advantages of a low down payment and more flexible guidelines for qualification. FHA loans are insured by the Federal Housing Authority. The FHA also sets limits on how much you can borrow, depending on the area. The mortgage experts at Norcom are well versed in all the details of FHA loans and can help you determine if you qualify, as well as how much you can borrow in your area.
If you are serving in the Armed Forces, or are a veteran, a VA Mortgage is a home loan that is guaranteed by the Department of Veterans Affairs (VA). No down payment is required. To determine if you qualify for a VA Mortgage, just talk with one of Norcom’s mortgage experts.
The United States Department of Agriculture’s Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These home loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home. Section 502 loans can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
Eligibility: Applicants for home loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
The Connecticut Housing Finance Authority (CHFA) has developed a special program to help first-time homebuyers in Connecticut. CHFA loans offer lower interest rates, an easy application process and low down payments. The program is designed to extend the opportunity of homeownership to buyers who may not be able to obtain a mortgage through conventional lending programs. Norcom is one of the state’s leading CHFA lenders. We can guide you through the qualification and application process, as well as help you take advantage of a number of available options that can make your first home more affordable.
Norcom Dream Home Loan ™
Sometimes, you need money to both purchase and improve a property. Norcom’s Dream Home Loan™ provides you with cash to pay for upgrades, home improvements or other repairs to the property you wish to buy. These rehabilitation loans – available as FHA 203(k) loans or through the Urban Rehabilitation Homeownership Mortgage Program – are offered through CHFA.
A Norcom Dream Home Loan™ can provide you with the resources to add a new bathroom, remodel the kitchen, make repairs to the roof, install new flooring, and more. If you are applying for a rehabilitation loan, the potential value of the repairs and/or alterations to the property will need to be taken into account before you get approval for the home loan. We can help you consider all the options in detail and guide you through the process.
NorFlex Home Loan
Everyone’s story is different, so why be limited to just one or two options? With Norcom’s NorFlex Home Loan, you’re given the flexibility to tell your story. Pick your terms from 8-30 years, all while maintaining a low fixed mortgage rate. You can pay off your loan more quickly or choose a term based on your budget and timeline. Whatever you do with the NorFlex Home Loan, make it part of your financial plan.
NorFlex - Short Term. Long Term. Your Terms.
A reverse mortgage is a safe, secure and easy way for seniors to turn their home's equity into an additional source of income to meet any financial need. Unlike traditional home equity loans, this product does not require repayment of any kind until the home is sold, or the borrower permanently leaves their primary residence.Who Qualifies?
Qualification is simple; all property owners must be at least 62 years old and occupy the property as a primary residence.How Can The Funds Be Used?
Reverse mortgage borrowers may use the proceeds for whatever they wish.
Borrower ResponsibilitiesLearn More About Norcom Reverse Mortgages
- Pay off a mortgage
- Pay off credit cards
- Pay off home equity loans
- Make home repairs or remodel
- Pay property taxes
- Stop Foreclosure
- Buy a new car
- Attend a counseling session
- Maintain the property
- Continue to pay taxes and insurance
We don’t publish our rates online. Why not? Rates change frequently, and we want to make sure you’re working with the most accurate, up-to-date rates we have. That’s why we don’t post our rates online. Just apply online or contact one of our Professional Mortgage Consultants to see for yourself just how low they really are.