Welcome to Your Homebuying Hub! Where Dreams Come Home!
We are dedicated to serving everyone in their homeownership journey, from first-time homebuyers to recurring homeowners seeking assistance. With tailored mortgage solutions and exceptional service, we make your dreams a reality. Explore our website for valuable resources, competitive rates, and a seamless application process. Let us be your trusted partner in achieving your homeownership goals. Welcome to a brighter future, welcome to Your Homebuying Hub.
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Homeowners! Get 💰 in 5 days. Get Approved in 5 MInutes! ... See MoreSee Less
Homeowners! Get 💰 in 5 days. Get Approved in 5 MInutes!
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The Federal Housing Finance Agency (FHFA) has announced that, effective January 1, 2025, the baseline conforming loan limit for single-family homes will increase to **$806,500, a 5.2% rise from the 2024 limit.
In high-cost areas, where local median home values exceed 115% of the baseline, the loan limit will be higher, with a ceiling of **$1,209,750 for one-unit properties.
These adjustments reflect the ongoing rise in home prices and aim to enhance access to mortgage financing for homebuyers across the nation. ... See MoreSee Less
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Today, I just want to take a moment to recognize the incredible men and women who have served our country. We may not know all of them personally, but their sacrifices have given us so much. With deep respect and gratitude – thank you to all our veterans. Your service is never forgotten. #prouddaughterofaveteran ... See MoreSee Less
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Congratulations to my wonderful clients, Brian and Lisa, on their new beginnings in my hometown of Monroe! Since it was a new construction, we had the opportunity to work closely together for quite some time and everything came together just as planned. A heartfelt thank you to Matt & Danielle Rownin, Realtors at Keller Williams for the referral and for trusting me throughout the process. Danielle is truly amazing, sharing the same values I hold dear when working with clients. Wishing Brian and Lisa endless happiness in their new home—helping create these special moments for our clients is what it’s all about! ... See MoreSee Less
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🎉 Great News for First-Time Homebuyers in Connecticut! 🎉
The CHFA (Connecticut Housing Finance Authority) just approved $40 million in new funding for the Time To Own Program! This means eligible first-time buyers can receive up to $25,000 in down payment and closing cost assistance to make their dream of homeownership a reality.
If you’ve been thinking about buying your first home, now is the time! Don’t miss out on this incredible opportunity.
Contact me today at 203-526-9345 or asantos@totalmortgage.com to learn how you can qualify and take the first step toward owning your dream home in Connecticut! ... See MoreSee Less
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Is a quit claim considered a first purchase?
Navigating the mortgage process can feel a little daunting. But don't let the jargon and paperwork spook you! All of our experienced mortgage consultants in the Total Mortgage Monroe branch is your partner in homeownership. Let's make this process smooth and stress-free. Reach out today to chat about your financing goals!
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Fed Slashes Rates 50 Basis Points
Great news! The Federal Reserve finally cut the benchmark interest rate by .50% in last week’s FOMC meeting. This is the first time we’ve seen a rate cut since March 2020, and the benchmark rate now ranges between 4.75% to 5%.
Federal Reserve Chairman Jerome Powell said they are confident inflation is moving down to the 2% goal, but they have not declared victory in the battle against inflation yet.
In recent weeks, mortgage rates have been edging down in anticipation of the Fed’s pending decision to lower rates. The question was, how low would they go? Some economists believe they should have started cutting rates last month by .25%. Since they held off on cutting rates in August, they could afford to drop the benchmark half a point in September.
The Fed plans to lower rates twice more by the end of the year.
How Will This Affect Mortgage Rates?
Following the Fed decision, the average benchmark 30-year fixed mortgage fell from 6.20% to 6.09%. A 15-year fixed loan dropped to 5.15%, down from 5.27% the week prior.
Adjustable-rate mortgages (ARMs) could also come down, as ARMs are often tied to the Secured Overnight Financing Rate (SOFR), which closely follows the Fed's rate changes. When the Fed raises or lowers the Fed Funds Rate, the SOFR typically moves in the same direction.
Normally, late spring and early summer are the busiest seasons for home sales, but lack of inventory and high mortgage rates have kept many potential buyers on the fence this year. We expect home sales to pick up as mortgage rates decline.
Rates change continuously, and we always have our eye on the market to get you the best rates possible. If you are interested in buying a home or refinancing, please give me a call to explore your options! My team and I are ready to help you reach your financial goals. Contact us at 203-526-9345. ... See MoreSee Less
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A significant obstacle to homeownership is a potential homebuyer’s inability to qualify for the purchase of a home due to student loan debt. For a limited time, the Connecticut Housing Finance Authority will offer the Smart Rate Program to help those households overcome the obstacle of being able to afford their first home.
The rate reduction will help offset the borrowers’ student loan debt, thereby reducing their total debt- to-income ratio and providing opportunities for qualifying for a mortgage.
Contact me today if you would have student loan debt and need to get qualified for a mortgage. Audra Santos, Branch Manager, asantos@totalmortgage.com or 203-526-9345. ... See MoreSee Less
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