by Paul Mulligan
If you are looking to purchase a home in Stratford, CT, you would not be alone! This gem of a town is continually growing in population with 51,384 residents and 19,276 households, according to the Town of Stratford. So how do you go about finding affordable mortgages in Stratford, CT so you can start your Stratford life today? Here’s what you need to know:
• The median cost of a house is $250,000 in Stratford, CT, according to the aforementioned report. To determine a mortgage amount that will fit comfortably within your budget, take a look at your income, recurring monthly debts, and the percentage of a down payment that you can make on your purchase. One of our friendly bankers can help you calculate a payment that should be affordable for you.
• Set a realistic target date for purchasing your next home. Living the American Dream is possible, but it doesn’t come without laying the groundwork for a savings and budgeting plan. As you begin your quest for mortgages in Stratford, CT, take a look at your current financial standing to determine when you are ready to make your purchase a reality. If you can’t financially make it work until six months from now, that’s OK—just start saving today.
• Determine what type of mortgage you will need. For instance, are you looking for a fixed-rate home loan, which means you pay the same interest rate for the life of the loan and steadfast payments each month? Or do you want an adjustable-rate mortgage that comes with a changing interest rate over the life of the loan? We can help you determine which mortgage loan program might work best for you.
You can be moments away from securing your home mortgage; you just have to make sure to do your research first. For more on securing mortgages in Stratford, CT, click here. At Milford Bank, we are always a phone call away and ready to help you live the American Dream today.