Talk to Ellen Seifts If You Are Relocating to The Farmington Valley! 

New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.

Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.

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Ellen Seifts
Prudential CT Realty
Phone: 860-676-3909
Fax: 860-674-0033
Email: ellenseifts@NUMBER1EXPERT.com

Ellen Seifts is the NUMBER ONE AGENT in the Farmington Valley (Avon, Simsbury, Farmington, Canton, Burlington) and West Hartford, also consistently in the top five in the entire state of Connecticut and top 1% Nationally! With over nineteen years of experience, she has an outstanding track record with "Excellent" reviews from transactions and generous assistance above and beyond the norm! Ellen has won numerous awards year after year not only for Top Producer, but also for Customer Service. Her quality of service is proven out by the fact that clients stay with Ellen year after year, and look for her asistance in relocating a second time and in some cases a third time! You too, can join her long list of satisfied clients!Prudential Connecticut Realty is an independently owned and operated member of The Prudential Real Estate Affiliates Inc., and Prudential is a service mark of The Prudential Insurance Company of America.

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