Eligibility

Generally, to be eligible to apply for an FHA loan, you must:

• Have a valid Social Security number
• Have lawful residency in the U.S.
• Be of a legal age to sign on a mortgage in your state

Hartford will also verify income, assets, liabilities, and credit history for all parties on the loan, and a non-occupant co-borrower is permitted.

To qualify for a Adjustable Rate Mortgage, applicants must meet specific employment, credit and income criteria, including the following conditions:

• Steady employment history.
• Consistent or increasing income over the past two years
• Any Chapter 7 bankruptcy must be 48 months since discharge/dismissal with good credit for the following years.
• Any Chapter 13 bankruptcy must be 48 months since discharge/dismissal with good credit for the following years.
• Any foreclosure must be at least 60 months or more since completion.

Doing Research?

Limitations on charges

Any mortgage where payments made by the borrower may increase over time brings with it the risk of financial hardship to the borrower. To limit this risk, limitations on charges—known as caps in the industry—are a common feature of adjustable rate mortgages. Caps typically apply to three characteristics of the mortgage:

• Frequency of the interest rate change
• Periodic changes in the interest rate
• Total change in interest rate over the life of the life of the loan

Why an ARM?

ARMs generally permit borrowers to lower their initial payments if they are willing to assume the risk of interest rate changes.

Adjustable Rate Mortgages may be less expensive, but at the price of bearing higher risk. Many ARMs have "teaser periods," which are relatively short initial fixed-rate periods (typically one month to one year) when the ARM bears an interest rate that is substantially below the "fully indexed" rate. The teaser period may induce some borrowers to view an ARM as more of a bargain than it really represents. A low teaser rate predisposes an ARM to sustain above-average payment increases.

Why Hartford?

Hartford is a national Mortgage Bank

Hartford provides low rates whether you're buying a home, refinancing or looking for a home equity loan or home equity line of credit. We're considered one of America's fastest-growing and best-managed mortgage banks. Through 15 years of happy clients, our attitude is still "we've got a lot more to do". We continually strive to improve the quality of our service, financial products, and your borrowing experience. When you need a customized loan, think Hartford First.

Approval Decision on the phone in minutes

Your mortgage consultant has the ability, at his or her fingertips, to provide you with a conditional approval decision in just in minutes during your very first phone call.

Close Fast And On Your Schedule

The loan process is easy and convenient as possible for you. We close most of our loans in under 30 days - with many able to close in as few as 10 or 15 days. We'll do all we can to ensure you close on your timeline and hold the closing on a date that works best for you.

Mortgage Consultants Available 24/7

Hartford mortgage consultants are available to you-live and on the phone- 24 hours a day, 7 days a week. So whenever it's most convenient for you to apply, find out more information, and whenever you have questions about a loan in progress - your answers are just a quick phone call away.