CT-Loans.com
CT-Loans Frequently Asked Questions
Answers to Common Mortgage Loan, Auto Loan, Commercial Loan &
Reverse Mortgage Loan Questions
General FAQ's
Reverse Mortgage FAQ's
Mortgage FAQ's
Commercial Loan FAQ's
Automobile Loan FAQ's
General FAQ's
How is BCI Financial Mortgage Corporation licensed?
What organizations does BCI belong to?
What is an Adjustable Rate Mortgage?
What is the relationship of CT-Loans.com to BCI Financial Corporation and BCI Financial Mortgage Corporation?
CT-Loans.com is a website owned by BCI to allow our customers and potential customers a central location to find information on all of our products, services, personnel and location.
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 CT 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), CT 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.
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?
Thus 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 1 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.
Reverse Mortgage FAQ's
What is a reverse mortgage from BCI Financial?
Are there different types of Reverse Mortgages?
Who is eligible for a reverse mortgage from BCI Financial?
Are there any restrictions on what I can use the money for?
How is a reverse mortgage different from a home equity loan?
Is there an easy comparison of the different facets of reverse mortgages?
Is counseling required and how does it work?
What if I my house is in a trust or if I have deeded 'Life Use'?
What is a reverse mortgage from BCI Financial Corporation?
A reverse mortgage is a unique type of loan that offers Connecticut homeowners age 62 and older an opportunity to convert the equity in their home into available cash. Financial security is achieved with this federally-insured loan without worries about repayment until you no longer live in your home. Contact a Reverse Mortgage Specialist to answer all of your Reverse Mortgage questions.
Are there different types of Reverse Mortgages?
Yes, there are different types of reverse mortgage programs that are designed to fit different situations. Each program has a unique set of guidelines, which need to be considered to insure that you choose the program that is right for you. In Connecticut we have some special programs tha you need to discuss with your Reverse mortgage specialist. Click here for a useful comparison chart that BCI has prepared to help with your decision. The different types of loans available from BCI are as follows:
FHA - Home Equity Conversion Mortgage[HECM] The Home Equity Conversion Mortgage is the most popular and flexible reverse mortgage program available. This program gives the consumer the most available money and the most flexibility in considering how a consumer will take the available funds. There are fixed and variable products available. This program is available with monthly and annual rate adjustment features. Click here for a useful comparison chart that BCI has prepared to help with your decision.
Fannie Mae The Fannie Mae reverse mortgage program is similar to the HECM program and the differences of this program may make sense in your particular situation. Click here for a useful comparison chart that BCI has prepared to help with your decision.
Cash Accounts The Cash Account programs are not insured by the U.S. Government. These programs are designed for homes that are higher in value and/or for consumers looking for a unique financial planning tool. There are different Cash Account programs available through BCI that provide consumers access to more of the equity in their home than the government programs. Click here for a useful comparison chart that BCI has prepared to help with your decision.
Who is eligible for a reverse mortgage from BCI Financial?
If you own a single 1-4 family home or condominium and you are at least 62 years old, then you will probably qualify. There are no credit or income qualifications to obtain a reverse mortgage from BCI Financial. Contact a Reverse Mortgage specialist to see if you are eligible for a Reverse Mortgage.
The amount of cash available from a reverse mortgage depends on the following criteria: your age, your home's value and which Connecticut county you live in and current interest rates. Click Here for an estimate from the AARP Reverse Mortgage Calculator. You can also call a specialist at BCI to set up a free, no-obligation personal meeting and/or calculation. We will be happy to come to your home and meet with you and/or a trusted advisor to get you all of the information you need.
You have several choices. You can take all of the money in one lump sum, as automatic monthly installments, a line of credit (most popular in CT) or a combination of these. You have the ability to choose the option that will work the best for you. Your BCI Reverse Mortgage Specialist will discuss all of your options with you.
Are there any restrictions on what I can use the money for?
No. It is your money to use as you would like. Some people pay for the necessities of home health care, medication, property taxes and home repairs; while others choose to travel or pursue an education; and still others just want the comfort of knowing they have a cushion against the unexpected.
How is a reverse mortgage different from a home equity loan?
Both loans convert the equity in your home into available cash, but in very different ways. With a Home Equity loan, you must have sufficient income to qualify and you must make monthly payments. With a Reverse Mortgage from BCI Financial, there are NO income requirements, NO monthly payments, and the reverse mortgage PAYS YOU! Contact a Reverse Mortgage Specialist today to discuss the benefits of a Reverse Mortgage.
Is there an easy comparison of the different facets of reverse mortgages?
Yes, BCI Financial has prepared a chart of many of the different facets of Reverse Mortgages and some of the most common questions that we get from our customers. Click here to see this valuable information.
Is counseling required and how does it work?
Reverse mortgages do require counseling for the borrower and anyone else who lives in the house. This counseling can be in person (there are counseling agencies throughout Connecticut) or by telephone. It usually lasts for one hour and the counselor will assure that you have been given all of the facts you need to make a decision on a reverse mortgage.
What if I my house is in a trust or if I have deeded 'Life Use'?
Most likely you would still be eligible for a reverse mortgage. Work with a BCI reverse mortgage specialist and we will go over the remedy for this situation and we will make sure that the CT Attorney who closes your mortgage is well versed in those requirements.
Mortgage FAQ's
What types of mortgages does BCI have available?
How do BCI rates compare to other CT brokers and to Connecticut banks?
How long does the mortgage process take at BCI for purchasing a home?
What documentation is usually needed for a mortgage?
How do I get pre-qualified for a mortgage?
I am in trouble with my current mortgage and may be facing foreclosure…can BCI help me?
Does BCI also do Home equity loans and Home equity lines?
Should I talk to A Mortgage Professional Before Looking For A Home?
Can I finance Other Costs Involved in Buying A Home?
Things to Avoid Buying Before You Purchase A Home and Why
Things to consider when refinancing your home
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 (CT housing Finance Authority) and many other different lenders. We can assist you in getting low rates, terms from 10 to 40 years with down payments as low as 1%. To discuss what mortgage is right for you Contact BCI Financial.
How do BCI rates compare to other CT brokers and to Connecticut banks?
BCI is very competitive in the Connecticut market. Since we are only in CT we specialize in CT loans and we know what it takes to get a loan done in this market. 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 15 days. This assumes that you have all of the documentation available and that we can get a timely appraisal. Normally, a mortgage for the 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 with in 15 minutes. Call us at our Cheshire CT 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 new 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 a CT 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 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 like parents, and grandparents 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.
The fact is that a biweekly mortgages sells you on the extra services needed to help you make the bi-weekly payments. The attractive selling point is it promises to reduce the number of years on your mortgage. The company that provides the loan makes biweekly deductions from your bank account into an account in which your mortgage is paid. Instead of one monthly payment two half payments are made. They will make 24 deductions adding two so 26 you will be actually making one extra mortgage payment 13 instead of 12.
Actually you can make 13 payments without the biweekly mortgage by arranging it with your lender. You may save on the special services needed to make these bi weekly mortgage payments. We can help you find a similar loan that works this same way without those extra service fees.
Things to Avoid Buying Before You Purchase A Home and Why
Do not purchase expensive appliances, car loans, furniture equipment or expensive vacations until after closing on your home. Often banks do not 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 or bad credit history.
Don’t get a new job when applying for a loan creditors like to see stable employment history. It is not a good sign to a lender that you just started a new job or have changed jobs every few years. They do not look highly on this. If you start a new job when applying for a loan you might be denied.
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 they 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 if it is a minor not major one.
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.
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 couple that plans 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.
So thinking about refinancing your home is worth the investment. You might want to lower your interest rate and monthly payments. If you seek a home equity loan you can make major improvements on your home that will increase its value if you decide to sell it. Some people reduce their debts by paying off student loans, car loans, and credit card debt with home equity loans. This helps many people sleep easier at night.
With the benefits of a loan comes the price tag. It does cost money. When you refinance you will be paying for some of the same costs you paid with the original mortgage. This includes title insurance, lawyers, appraisal, underwriting fees and others. Sometime you pay a penalty if you refinance too quickly. We are in the business to help you determine the type of loan you need and when the best time is to seek it out.
There are times you will have to pay points to refinance a loan. This can be significant saving for you and your family. Now the IRS says you may not be able to deduct the entire cost of the points the year you refinanced your mortgage. Always consult an accountant or your tax professional before deducting the points you paid on a new mortgage from your federal income tax.
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.
Commercial Loan FAQ's
Why would I go to BCI for a commercial loan rather then a CT bank?
What is the turn around time on a commercial loan at BCI?
Does BCI have better rates then other CT commercial loan companies?
Can BCI make commercial loans outside of Connecticut and are rates and terms just as competitive?
What types of commercial loans do you work with at BCI?
What is the consultative approach that you use at BCI for commercial loans?
Why would I go to BCI for a commercial loan rather then a CT bank?
The staff at BCI wants to earn your business. We will work with you in a consultative approach to assure that you have considered all of the options to make assure that you get the best rates and terms. Banks can only consider one option…whether your loan fits their portfolio. At BCI we have many different lenders that we work with, so you will have many more opportunities to get you loan approved. Contact us to find out what BCI can offer you.
What is the turn around time on a commercial loan at BCI?
We can get a commercial loan done pretty quickly. With the proper documentation and appraisals we can close in less than 30 days.
Does BCI have better rates then other CT commercial loan companies?
Yes. BCI knows what a competitive environment CT is. We work to assure that our commercial loan rates and terms are low and work well for the financial transaction the consumer is entering into. Contact BCI to get the best rate for your commercial loan.
Can BCI make commercial loans outside of Connecticut and are rates and terms just as competitive?
Yes. Although we are based in CT, we have lenders that we work with all over the country. We want your business, so we will do everything to assure the best rates and terms, no matter where the loan originates.
What types of commercial loans do you work with at BCI?
Here are some of the loan types we work with – funeral homes, mixed use buildings, gas stations, apartment buildings, new construction and self storage units. But this list is only a small portion of the types of commercial loan we handle, Contact us to find out how we can help you.
What is the consultative approach that you use at BCI for commercial loans?
While we are not tax advisors or business planners, we do work with our customers to make sure that they considered all of their options. Sometimes when you are getting a commercial loan you focus ONLY on that loan. At BCI we try to look at different angles to make sure that you are structuring the deal in a way that gets you the best possible loan. This approach makes BCI unique in the Connecticut market.
Automobile Loan FAQ's
Does BCI take loan payments online?
Can I refinance my existing car loan through BCI?
What dealerships does BCI work with?
Can I get information on my existing automobile loan online?
Where can I make my Auto Loan payment? How can I get a payoff on my loan? Where can I get the title to my car?
Visit our Contact page for all of our contact information, including our payment address.
Does BCI take loan payments online?
Not at this time, however we do take payments by phone from your checking account and we do have ACH, which allows us to take the payment on an automatic basis from your checking account.
Can I refinance my existing car loan through BCI?
Under certain conditions you can. Contact a loan underwriter to see if you qualify.
What dealerships does BCI work with?
We work with 200 dealers throughout CT who sell new and used and foreign and domestic vehicles. Contact BCI to find out more on the dealerships we work with.
Can I get information on my existing automobile loan online?
Not at this time.
