Frequently Asked Questions

Residential Mortgages

What types of mortgages does BCI have available?
 

BCI has a wide variety of mortgages available for the Connecticut borrower. We deal with FHA (Federal Housing Administration), CHFA (Connecticut Housing Finance Authority) and many other different lenders. We can assist you in getting low rates, terms from 10 to 30 years with down payments as low as 3-1/2%. To discuss what mortgage is right for you contact BCI Financial.
 

How do BCI rates compare to other Connecticut brokers and to Connecticut banks?
 

BCI is very competitive in the Connecticut market. Since we are only in Connecticut we specialize in Connecticut loans and we know what it takes to get a loan done in this market. Banks can only give you one product—theirs; a broker can work with many sources. Contact BCI to discuss rates for your mortgage.
 

How long does the mortgage process take at BCI for purchasing a home?
 

We can close your loan in as little as 30 days. This assumes that you have all of the documentation available and that we can get a timely appraisal. Normally, a mortgage for purchase takes 25 to 45 days.
 

What documentation is usually needed for a mortgage?
 

In most cases BCI can close a loan with a couple of recent paychecks, a W-2 form and a few recent bank statements. We also need to order an appraisal for every mortgage we do.
 

How do I get pre-qualified for a mortgage?
 

We can meet with you and discuss all of your options or we can speak on the phone to go over the specifics of what type of loan you might be eligible for. Once we have the information we need, we can issue a pre-qualification letter within 15 minutes. Call us at our Cheshire, Connecticut office today to set up an appointment for a pre-qualification letter.
 

I am in trouble with my current mortgage and may be facing foreclosure — can BCI help me?
 

While BCI is not a sub-prime lender, we are aware of many programs that are available to assist borrowers in these difficult times. Contact us and we will do everything we can to assist you in getting your mortgage rewritten or to find so other remedy that may assist you.
 

Does BCI also do Home Equity Loans and Home Equity Lines?
 

Yes, we do. If you own Connecticut property and want any type of mortgage or home equity product, contact BCI to help.
 

Should I talk to a Mortgage Professional before looking for a home?
 

We can help you get pre-qualified for a loan by checking your employment history, credit history, and other important financial information. We can find out how much you can afford to pay monthly when buying a home as a monthly payment and decide how much debt you can afford to take on. This is in terms of the amount and how many years you want to take it out. This gives you buying power when you do go look for a home with the realtor and seller. You can learn ahead about the different types of mortgages and what suits your individual lifestyle.
 

Can I finance other costs involved in buying a home?
 

There is a good amount of money needed for the closing costs of a home in terms of costs, escrow, reserves, or cash needed. You can use the equity in your home if you are selling and buying another home. Perhaps you saved money then you are prepared for the closing costs of a house. So it would not be a problem for you. Sometimes family members will help their children by giving money. Some costs can be financed as part of your loan but you can discuss this with us and learn what is best for you.
 

What are actions to avoid before purchasing a home, and why?
 

Do not purchase expensive appliances, car loans, furniture, equipment, or expensive vacations until after closing on your home. Often banks take into consideration your savings and other cash that you may have on hand. They may look at an expensive loan or purchase as debt.
 

Don’t transfer money to a new bank or transfer money from one account to the other. A good paper trail is what most lenders like to see. They will look at bank statements, check stubs from work, saving accounts, money market funds, and other liquid assets.
 

We can help you determine how much you can afford and what is a good down payment on a home for your type of loan. Don’t forget that we will check your credit history so this can often be a problem if you have bad credit with credit card or loans. We can help you with your credit score by finding out what it is and helping solve the problem.
 

So check with us today to learn how we can help you finance the house, condo or property of your dreams. We want to help you find the best way to get there.
 

What are things to consider when refinancing your home?
 

It can be confusing and overwhelming trying to find the right loan program to refinance your home or business. Often there seems to be less loan program available and more competition for quality loans. We want to help you find the best fit for your needs and situation. That is how we help make your choices easier.
 

First we will ask you why are your seeking to refinance your home? Are you looking for a lower interest rate and monthly mortgage payment? If you are a first time homeowner or you plan to stay in the home you buy for several years a low, fixed-rate loan may be your best option. The benefit of this loan is that you lock in a low interest rate for the duration of the loan. This does not change. Perhaps you have an adjustable rate mortgage that fluctuates too much for any consistency so you are seeking this type of loan.
 

People refinance their homes for different reasons. Some want a loan to use the equity in their home to make improvement like a new roof, furnace, kitchen, bathroom, or tool shed. Others use the money to pay off college loans, credit card debt, car loans and even the mortgage. Home equity loans are a good choice if have no mortgage or not much left to pay on your loan. Improvements help to sell a house at a later date.
 

Some people have a 30-year mortgage that they have been paying on for a few years. They want to pay off the mortgage on their home more quickly so they refinance for a 15-year mortgage that has higher payments but less interest. This allows them to pay off the loans more quickly. This loan is good for those with a good income that want to build up equity quickly in their house. If you again have had a regular mortgage payment for several years you can often refinance without increasing your monthly payment that much.
 

We will work hard to help you find the right loan and the right time to refinance. Most people find the investment worth the time and effort. We will look at your goals, dreams, problems, and finances to help determine the right path for you to take. Call today to discuss refinancing options we want to help you with your dreams.