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Ryan Mortgage

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Getting Started

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Answers to Your Questions

Introduction

About Ryan Mortgage

Ryan Mortgage is a Connecticut mortgage company that works solely with your best interests in mind.

We’ll work with you to provide financing that best suits your needs. It’s important to us that you fully understand the transaction. Our loan consultants will take plenty of time to explain all aspects of the loan. 

Our goal is to put you in the home of your dreams while taking care of your long term financial health.

Staff

Meet Our Team

Whether you’re a first time homebuyer or a seasoned homeowner, our team will help you through your next mortgage every step of the way.

Koreen Ryan

Loan Consultant (NMLS ID 88279)

She’s experienced in all types of mortgage products and is particularly experienced with construction loans.
She has been a resident of Marlborough, CT since 1991 where she resides with her husband Pat and 2 children.

860-295-8000

koreen@ryanmortgagect.com

Pat Ryan

Loan Consultant (NMLS ID 88278)

He’s a been a mortgage broker since 2001 and a recipient of the prestigious Five Star Professional award multiple times.
Pat has been a resident of Marlborough, CT since 1991 where he resides with his wife Koreen and 2 children.

860-295-8000

pat@ryanmortgagect.com

Services

Featured Mortgage Programs

Ryan Mortgage has a variety of mortgage programs available. In any case you’ll get honest advice from us.

FHA
Mortgages

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Ryan Mortgage Connecticut conforming loans​

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First-time Homebuyer

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Connecticut Jumbo Mortgage Loans

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Connecticut Refinance

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Less Than
Perfect Credit

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Improving Your Credit Score

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Home
Equity

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FAQ’s

What People Usually Ask

There are several major differences.

A bank has a set rate. Mortgage brokers can search among a variety of lenders to see who is offering better rates
Your loan will pass among many hands at a bank and goes from department to department. At Ryan Mortgage you’ll have a mortgage officer who will follow your file from application to the closing.

They can vary depending on the specific lender, but as a guideline you’ll generally find this to be a reasonable estimate:

  • property appraisal, $445-850
  • credit report and evaluation. $100-$150
  • Administration Fee (lender), $1055
  • Attorney’s Fee, $850
  • Title Insurance, it’s a formula, $385 for the first $100,000 in home value and add $3.25 for each additional $1,000. A discount is usually available on a refinance.
  • Flood certification, $8-$15
  • Recording Fee (charged by your town), $325-$350

This is just an estimate of of the fees, but this represents the typical transaction.

Nothing extra! Our fees are paid by the lender in almost every case!

Here’s a general list that most will need, certain circumstances will mean that we’ll have to ask for more (for example, if you’re using income from rental property, child support, alimony).

  • your most recent paystub
  • last year’s W-2 (last 2 years for government mortgages)
  • most recent bank statement (all pages needed), 2 months for government mortgages
  • most recent statements for any 401(k), IRA or brokerage accounts
  • if you’re self-employed (own 25% or more), last 2 year’s tax returns (all pages)
  • if it’s a purchase, you’ll need a legible copy of the purchase agreement signed by both buyer and seller
  • purchase, copy of cancelled earnest money check
  • if there is any gift money involved, you’ll need a copy of the check you received as a gift, a copy of the deposit slip that shows you deposited it and a copy of the gift giver’s most recent bank statement showing they had the money to give.

Reviews

What clients Say

prequalification

What information is needed for a good prequalification?

A lot of mortgage officers only do a very quick review of a scenario before issuing a prequalification letter.

A good prequalification will state that the lender has completed a preliminary check of credit, income and assets. No prequalification or pre-approval is an absolute guarantee that the deal will close since the property has conditions to meet to (appraisal and title), but you’re halfway there!

What to look for in a prequalification...

Credit Check.

The loan officer should review the buyers credit history and scores. If they haven't looked at credit there can be some surprises that may cause problems down the road.

Income

A most recent paystub and W-2 need to be examined to give an accurate income amount. Many buyers / borrowers fall into some common traps when they try to figure out their own income. The most commons ones are related to the use of overtime and self-employment income.

Assets or Downpayment.

Buyers should have the bulk of their assets in the bank right now (and it should have been there for a couple of months). If they're using gift money, it's no problem if it's not in the bank but it will have to be documented.

Rates

Connecticut Mortgage Rates

Rates subject to change without notice and are for 30 day rate locks, current as of 9/8/23. 
Please call for more information and current rates.

0 %
30 Year Fixed Loan
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30 Year Fixed Loan (APR)

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USDA Rural Housing

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USDA Rural Housing (APR)

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FHA/VA 30 Year Fixed
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FHA/VA 30 Year Fixed (APR)

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FHA/VA 15 Year

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FHA/VA 15 Year (APR)

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15 Year Fixed
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15 Year Fixed (APR)

These rates are all with $0 in points/origination/mortgage broker fees.

Many factors enter into our pricing, you may be eligible for a better/worse rate or lower closings costs depending on your exact scenario and credit score.  Please call for more information. Non FHA/VA/USDA rates above assume: purchase, credit score of 740 or better (FHA credit score 680+ for these rates), 75% loan to value ratio (or lower), estimated single family home value of $200,000 either purchase or rate and term refinance loan.  Cash-out refinance rates and condos may be slightly higher (please call).

Rates subject to change without notice and are for 30 day rate locks. Many other programs available including interest only!

Jumbo loans are loan amounts greater than $726,200. Assume a credit score of 740 or greater and a loan to value ratio of 75% or less. .

*These rates are all with $0 in points/origination/mortgage broker fees and are based upon the following scenarios for qualified buyers with loans over $130,000: purchases and rate and term refinances with loan to value ratios of 80% or less, cash out refinances with loan-to-value ratio of 70% or less.

Many other programs available!  Call 860-295-8000 for details!

Typical Closing costs are:
Appraisal – $500
Lender’s Administration Fee – $1055
Attorney Fee – $950
Title Insurance – by formula, $482.50 on a $130,000 loan ($710 on a $200,000 mortgage, $1035 on a $300,000 mortgage)
Recording Fee – $350

Many other programs available! Call 860-295-8000 for details!

Contact

Get In Touch

Tell us what you think about our web site, our products, our organization, or anything else that comes to mind. We welcome all of your comments and suggestions.

Toll Free Number:

(860)-295-8000

Fax Us At:

(860)-295-8860

Email Us At:

pat@ryanmortgagect.com

Office Address:

11 S Main St Marlborough, CT

Leave A Message

Tell us what you think about our web site, our products, our organization, or anything else that comes to mind. We welcome all of your comments and suggestions.

Mortgage Broker Only, not a mortgage lender or mortgage correspondent lender

Mortgage Broker Only, not a mortgage lender or mortgage correspondent lender

Contact Us (NMLS 88226)

(860)295-8000

(860)295-8860

pat@ryanmortgagect.com

11 S Main St
Marlborough CT 06447-0330

© 2023 Ryan Mortgage, All Rights Reserved

FHA Loans

These loans are insured by the government and were designed to help more buyers achieve the dream of home ownership. These loans are insured by the government and offered by certain approved lenders. Ryan Mortgage is an approved broker for FHA loans.

If the following conditions are true, you may be a good candidate for an FHA loan:

  • limited down payment money (3.5% required and all can be from a gift)
  • You’ll be living in the property that you want to buy
  • the property you’re buying is generally in good condition
  • you’re looking at a 2-4 family home (single family is great too)

There are also some situations that might come up that aren't well suited to FHA loans:

  • you have 10% or more for a down payment
  • The property is in poor condition
  • the property is expensive, there are limits to how much an FHA loan can be for.  The 11/29/16 table is below:

Ryan Mortgage Connecticut conforming loans

Conventional/conforming loans are the most common loan programs available.

The most favorable terms are available if you have at least a 25% down payment. There are conforming loans that are available with as little as 5% down (loans up to $647,200 in 2022). Anything less than 20% down will require private mortgage insurance (PMI) from the lender.

Lender paid mortgage insurance (LPMI)

Lender paid mortgage insurance (LPMI) programs offer a slightly higher interest rate, however in exchange the lender pays your mortgage insurance in advance for you. Often this will give you initially lower payment. One possible negative compared to paying PMI monthly is that your payment for principle and interest will always stay the same with an LPMI program, if you pay monthly PMI your payment will eventually go down (when the PMI is no longer necessary on the loan).

In many cases these programs can save you money, although not all. We’ll typically evaluate both programs (with and without PMI) to see which one saves you money.

Jumbo Mortgages

Jumbo Mortgages offer you:

  • Higher loan amounts even exceeding $1,000,000 for the purchase of more expensive homes
  • Combination loans that allow you to avoid mortgage insurance
  • Down Payments as low as 10% on many jumbo mortgage products
  • Products that allow for maximizing your mortgage interest deduction and managing monthly cash flow

Recommended for the following borrowers:

  • You need to borrow more than the conventional loan limit
  • You are financing more expensive second/vacation homes
  • You are a financially astute borrower wanting to leverage your investments

Jumbo mortgages refer to loan amounts that exceed $647,200 (as of 2022). These loans are commonly referred to as “non-conforming” loans because they do not conform to Fannie Mae (Federal National Mortgage Association) or Freddie Mac (Federal Home Loan Mortgage Corporation) loan limits. We offer many different financing options, including Fixed-Rate and ARM programs.

If you are looking at a jumbo, we can also structure the loan so that you can take out a smaller 1st mortgage (along with a 2nd mortgage) to get the more favorable non-jumbo rates while still borrowing the amount you want

Refinances

You can refinance with Ryan Mortgage without taking money out of your pocket! Homeowners refinance for many reasons, here are some of the best:
  • Shorten the term
    • If you have young children and are looking ahead to college, imagine paying college tuitions while paying your mortgage. You can have your mortgage paid off by the time the kids are heading off to college. As a bonus, 15 year rates are lower than those for 20 years and longer. You can save tens of thousands of dollars over the life of the loan.
  • Improve your home
    • You can take advantage of the appreciation of your home and borrow against your equity to remodel, add a deck/garage, replace your roof, etc.
  • Consolidate your debts
    • If you have other debts that aren’t going away on the minimum payment (credit cards). I’ve had clients that save $300+ a month in payments on their credit cards by refinancing!
  • Lower your payments
    • Interest rates are at rates that haven’t been seen since the 60’s. Even if you borrowed just 2-3 years ago, you may be able to refinance and lower your payment.

How To Improve Your Credit Score

Even if your credit isn’t perfect you still deserve great customer service and it is possible to get a mortgage.

First, you can get a free copy of your credit report at www.annualcreditreport.com. This won’t have any negative effect on your credit score. You won’t get your credit score but you’ll be able to identify any incorrect information.

Your credit score contains both positive and negative information.  Making payments on time will raise your score and making payments late will lower your score.

Your credit score considers 5 general categories:

  1. Payment history (about 35% of your score), to improve your score you should: pay your bills on time, if you’ve missed payments you need to get current and stay current.  If you have any accounts in collection, you’ll need to pay them off.

  2. Amounts owed (about 30% of your score), to improve your score you should:  lower balances on credit cards, pay off debt rather than moving it around, Don’t close unused credit cards, Don’t open new credit cards to increase your available credit. 

  3. Length of credit history (about 15% of your score), don’t  open many new accounts rapidly.  It will lower your average account age and will look risky if you are a new credit user.

  4. New credit and credit inquiries (about 10% of your score), if you are shopping for an auto loan or a mortgage do it within a short period of time (14 days). If you’ve had problems you should re-establish credit, use it responsibly and pay on time.  It’s ok to check your own credit report and credit score without lowering your score.

  5. Types of credit in use (about 10% of your score), only open new accounts as needed, have credit cards but use them responsibly.

How fast does your credit score change?  Monthly!  Big changes won’t occur from one month to the next, but over any given 3 month period about one person in four has a 20 point change in their credit score.

If you want more information, get this document from myfico.com.

Home Equity Lines of Credit and Loans

Currently we do not have home equity loans and lines of credit available

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