Financing your Home Purchase





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Home Purchase Programs

It is important that you understand the features of your home loan and that it meets your financial needs. Our Preferred Loan Officer David Garofalo, assist you in that determination.

As a strong direct lender with the flexibility to also act as a broker, we provide choice, convenience, and control throughout the loan process. We offer a full suite of lending products because we recognize the importance of having the right loan for every situation. Below is a sampling of just some of the programs available through Prospect Mortgage, The Property Network’s Preferred Lender.

Fixed-Rate Mortgage (40-, 30- and 15-Year Fixed)

Prospect Mortgage,  offers borrowers the choice of 40-, 30-, and 15-year fixed-rate mortgages. These loan programs have the same interest rate for the life of the loan and monthly payments (principal and interest) that never change. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment cannot change.

They also provides an interest-only option for the 30-year fixed product, allowing you to pay interest only in the first 10 years and fully amortize over the remaining 20 years. This option will be more costly as you are paying interest on the total loan amount for the first 10 years. Additionally, if you have mortgage insurance, you will pay mortgage insurance for a longer period of time. Finally, the principal balance will not be reduced unless you pay more than interest only amounts during the first 10 years.

The 15-year fixed mortgage is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate — and you’ll own your home twice as fast and pay less interest than with a 30-year mortgage. But with a 15-year loan, you commit to a higher monthly payment.

Adjustable-Rate Mortgages (3/1, 5/1, 7/1, and 10/1 ARM Programs)

An ARM is a mortgage in which the interest rate and payments are adjusted periodically based on a pre-selected index. Subject to certain limitations, the rate and payments on an ARM loan rise and fall with the market.

3/1, 5/1, 7/1, and 10/1 ARMs allow you to pay a lower introductory interest rate than many fixed-rate mortgages offer. Your interest rate and payment are fixed for the initial fixed rate period of 3, 5, 7, or 10 years, depending on the program you select. After the initial fixed period, your interest rate and payment will follow the movement of the index up and down, with certain limits. ARMs are among our most popular loans because they help you qualify for a larger home, there is no negative amortization, and your loan may be assumable after the fixed rate period of the loan. An interest-only option is available for these products. It is important to note that with an ARM, you may have a substantial increase in payment after the fixed-rate period and the interest rate over the life of the loan can typically increase five to six percentage points above the initial interest rate.

For more information, Contact David Garofalo, Prospect Mortgage, 203.910.1845



  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate
  • wp socializer sprite mask 16px Financing your Home Purchase | CT Real Estate

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