Buying a new house is a significant investment. A mortgage lender is a financial institution or professional that provides financing for real estate purchases, allowing you to access the necessary funds to secure a property. The right approach can help you find the best mortgage lender in Connecticut while keeping your credit score intact.
Why Work With a Mortgage Lender?
Working with an established lender offers several advantages, especially for people new to the housing market.
Expert Guidance
Most well-known mortgage lenders have years or decades of experience. This expertise allows them to provide more than just loans — they can guide clients through the mortgage and homebuying process. They can help you make more informed decisions.
Convenience
Once you fill out your mortgage application and provide the necessary documents, the lender will handle most of the other paperwork and processing for you.
Variety of Loan Products
Banks and many other financial institutions offer multiple loan types, even under the mortgage umbrella. Some lenders provide specific loans for new constructions and first-time homeowners.
Potentially Better Rates
Many lenders offer favorable loan terms for borrowers with strong credit scores and histories. You may also qualify for loans specific to your sector. For example, veterans can apply for Department of Veterans Affairs (VA) loans, and low-income families would likely be eligible for a Federal Housing Administration (FHA) loan.
How to Shop for a Connecticut Mortgage Lender Without Hurting Your Credit
You need to apply for a mortgage loan to work with a mortgage lender. They will then assess your creditworthiness, determining whether you can qualify to borrow and repay the necessary funds.
While looking at different lenders and their offerings will usually not affect your credit score, getting preapproved requires a hard check, temporarily hitting your score. These tips can help you shop around for the right mortgage while keeping your score safe.
Get Prequalified
Prequalifying for a mortgage — or getting a rate check — is different from preapproval. Prequalification gives you an estimate of the size of the mortgage you might be able to borrow. It doesn’t hold as much weight as a preapproval, which is much more specific, but the ballpark estimate can be enough to work with.
Getting prequalified also doesn’t require a hard credit check, meaning it won’t affect your credit score like a preapproval would.
Keep a Short Time Frame
If you plan to shop around for the best mortgage, plan your inquiries to only occur within 45 days of each other. Even if you consult multiple lenders, they will show up as a single inquiry on your credit report, since it’s implied that you will only buy one home.
Avoid Applying for More Credit
When applying for a mortgage, hold off on applying for other lines of credit, like personal loans or credit cards. These applications require a hard credit inquiry, which can affect your credit score and potential chances of qualifying for a mortgage.
Where Can You Find a Mortgage Lender in Connecticut?
The right mortgage lender can make your homebuying experience smoother, giving you the resources and insights best suited to your needs and financial situation. Consider these top options:
1. Assurance Financial
Assurance Financial tops this list with high client reviews. It offers several loan types benefiting home buyers across various sectors and property needs.
Key Offerings:
- Streamlined loan application process with the Assurance Financial mobile app
- In-house, end-to-end processing — no third parties involved in underwriting your application
- Offers nearly every home loan available — conventional, VA, FHA, construction, modular home, first-time home and non-qualified
2. New American Funding
New American Funding is one of the most recognized names in the home financing industry. With two branches in Connecticut, it offers a wide selection of loans with low to no down payment options.
Key Offerings:
- Quick processing, with a 14-business-day closing
- Offers grants and financial assistance for underserved communities
- Several loan options available, including USDA loans and programs for self-employed borrowers
3. Rocket Mortgage
Rocket Mortgage is known as a pioneer of all-online mortgage applications. It’s one of the country’s largest retail mortgage lenders, with multiple loan options and special grants for qualified borrowers.
Key Offerings:
- User-friendly online loan application
- Potentially lower minimum down payment for first-time home buyers through its ONE+ program
- Approachable and excellent customer service
4. Watermark Home Loans
Watermark Home Loans is another provider that enables a completely online application and approval process, including remote notary and e-closing services. Its low fees make it one of the most affordable providers on this list.
Key Offerings:
- Fully online mortgage application, approval and closing process
- Affordable terms, with no-closing-cost mortgages and low-to-no-downpayment options available
- Wide variety of loan and refinancing options, including government-backed and conventional loans
5. Tomo Mortgage
Founded by two former Zillow executives, Tomo Mortgage has years of real estate experience. While not nationwide yet, it does operate in Connecticut, offering affordable mortgage options and guaranteed price-matching.
Key Offerings:
- Accessible rates, with no processing or origination fees
- Transparent communication, displaying mortgage rates online
- Online application and processing with e-closings and remote notarization
More Tips for Buying a Home in Connecticut
These tips can help strengthen your financial position and improve your mortgage shopping experience:
Check Your Credit Report
Checking your credit report before shopping for a mortgage allows you to fix errors or raise your credit score if necessary. An accurate report and a high credit score can help you get more favorable mortgage terms, like lower interest rates.
Pay Existing Debts
Paying off debts lowers your debt-to-income ratio, making you look more attractive to potential lenders. If possible, prioritize paying off your high-interest debts before applying for a mortgage.
Consider Local Programs
The Connecticut Housing Finance Authority (CHFA) offers programs with down payment assistance and zero interest rates for qualified buyers, helping more people afford their homes.
Start Your Homebuying Journey
Buying a home in Connecticut is an exciting milestone, and getting the right mortgage is an integral part of this journey. Planning your process is crucial to ensure you can shop confidently and vet potential lenders without harming your credit score.
This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
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