Frequently Asked Questions

General

How is BCI licensed?
 

BCI Financial Corporation is licensed through the CT Department of Banking.
 

How is BCI Financial Mortgage Corporation licensed?
 

BCI Financial Mortgage Corporation is licensed through the Connecticut Department of Banking and we are also authorized to originate loans through the Federal Housing Administration (FHA) and the Connecticut Housing Finance Authority (CHFA).
 

What organizations does BCI belong to?
 

BCI is a member of the Better Business Bureau (BBB), National Association of Mortgage Lenders (NAMB), National Reverse Mortgage Lenders Association (NRMLA), Connecticut Mortgage Brokers Association (CTAMB), Connecticut Community Bankers Association (CCBA), The Connecticut Auto Retailers Associations (CARS) and four local Chambers of Commerce. BCI is also an endorsed vendor of the Connecticut Credit Union League (CCUL) for our Reverse Mortgage product.
 

What is a Fixed Rate Loan?
 

Fixed rate loans are regular monthly payments of the principal and interest. This remains the same never changing while you have the loan or mortgage. Fixed rates loans are available in 10, 15, 20 and 30 year terms for the customer’s convenience.
 

The benefit of fixed rate loans is that you lock the payment in at same rate and it never increases. It is excellent for a couple or individual that plans to buy a home and not sell for several years. It is the loan designed for the long-term home owners. It gives you the stability of regular monthly payments that don’t change.
 

What is an Adjustable Rate Mortgage?
 

This loan bases the rate on what you pay on outside indices like current CD rates, Treasury Security rates and other funds. The rate changes every six months or once a year. There is a cap on most monthly payments that keep these payments from going up too much at once. The cap regulates the interest so you won’t be hit with more than a 2 percent increase. This loan offers a lower attractive rate to homeowners at first and it is guaranteed from one month to ten years depending on the terms. It is a good loan for those that want to sell their house in 3 to 5 years and has a sizeable income to draw on. After the lower introductory rates go up you do not plan to move expect to pay the higher rates.