First Time CT Homebuyer! Help!

[Katherine]

My fiance and I have been looking at several houses in Connecticut and we think we’ve found one that we love! The only problem is that we don't have a Realtor or broker, so we need some advice.
The house we want has recently dropped to 190,000, and it may be possible that I get it for even lower. We both have very good credit scores, both at 710. However, after much calculation, it looks like we should be going for a home closer to 160,000. Even still, we want this wonderful home in Connecticut we’ve found. We are looking for someone who will allow us to get a loan for the 190,000 home. Any tips on what company will qualify us for that amount would be great! Thanks!:)

[Chief Tutor]

Their are 3 ways to find the best loan:


A mortgage wholesaler ( ie... countrywide and wells fargo) they are the biggest wholesalers in the business and are direct lenders meaning they loan their own money)
A mortgage broker - They search for the best rates from a variety of companies. They usually have about 100+ different lenders they work with and after they understand your needs, they look for the best mortgage to fit your needs. You need to be very careful with some mortgage brokers as they will put you in a mortgage product which pays them the most. Many however will find the right product for you regardless of the amount they make on the loan. (check brokers registered with the BBB or the local chamber. That is usually a sign of their credibility.)
Local Banks who hold the loan for their own account and don't resell the loan. Typically a credit union or local bank handle these types of loans.
I hope this information helps and good luck with your loan search.

[Katherine]

Thanks for the advice! I realized through your post and through talking with others about my situation that I find the multitude of options quite overwhelming. I decided to try to go with someone local, who has worked with the area. I found one company, BCI Financial, who has worked with Connecticut for over a decade! Just what I’m looking for! Additionally, I’m meeting with them this week!

[Chief Tutor]

Good Luck and let us know how it turns out.

[Edward]

Katherine,
I’m from Connecticut as well and I’ve worked with BCI Financial. They are great. They have the lowest interest rates in Connecticut (I’ve found). I also had a friend who was in the same sort of position as you are in, and they approved him and gave him all he needed. You shouldn’t have a problem getting BCI to approve you for a loan. You’ve probably already spoken with them by now; let me know how it turned out! ☺ Edward

[Katherine]

Thanks for your advice, everyone! I decided to go with BCI Financial. They ARE great, Edward. Thanks! They’ve been established for I think 18 years in the New England area (where I’m purchasing), and also they do all sorts of other loans. Which means that once I get to know my lender, he/she/ze is going to be able to help me with any other type of loan that I need, such as auto loans or with reverse mortgages and such. I’m very excited about finding them. I hope I'm not overlooking something though. If anyone knows something that I don't please let me know! Their website is ct-loans.com.
Thanks!

[Edward]

Dear Katherine,
Something a friend mentioned to me that I did not think of. You should make sure that BCI Financial works with more than one lender service, such as FHA or CHFA because if they only work with one it can become a dangerous monopoly within that company. - Edward

[Katherine]

Hey Edward,
Thanks for the heads up. I looked into that and BCI Financial actually uses both of those lenders you mentioned, plus a few others.