Loan Articles > Connecticut > Connecticut Mortgage Types

Connecticut mortgages are of two types – fixed rate mortgages and floating rate mortgages. As is obvious from their names, the fixed rate mortgages are ones where the monthly mortgage payment amount remains the same for the entire life of the mortgage i.e. till the end of mortgage term; whereas floating rate mortgages float/ change throughout the life of the home mortgage loan.

The mortgage interest rate on the fixed rate mortgage loan is fixed at the start of Connecticut home mortgage loan term while the mortgage rate on a floating rate mortgage is dependent on a pre-decided financial index (which is in turn dependent on economic, financial, political and many other factors).

So, which type of mortgage is better?

Well, the opinion seems divided and is mainly based on the preferences of the individual who is getting the home mortgage loan. However, the general recommendation is that you should go for a floating rate mortgage loan if you plan to live in the home for a shorter duration. For long durations, you will need to make a decision on how low the current fixed mortgage rate is and whether it’s low enough to be beneficial for locking-in for a long period.

Whatever be the type of mortgage, at Estreetloans, we can get the best home mortgage quote for you. Just fill-out our loan request form and we will get the best, no-obligation mortgage quotes (up to 4 quotes) for you in 24-48 hours straight. You can then check the suitability of these Connecticut mortgage quotes with regards to your needs. The whole process is fast and simple. Apply now at www.estreetloans.com.