Compare mortgage rates and fees for leading lenders in Norwich, CT. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Norwich.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Norwich. Plus, shopping lenders is free and there is no obligation.
March 31, 2020
The current average rate for a 30 year fixed rate mortgage in Norwich is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Norwich. Understand how much you need to earn to afford a home in Norwich, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Norwich fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Norwich is right for you.
The median home value for Norwich, CT (New London County) is $263,183
Based on current mortgage rates and a 10% down payment, you need to make $47,366 per year to buy the median priced home in Norwich
With this income, you could qualify for a $236,865 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Norwich is $1,097
The median household income for Norwich, CT (New London County) is $73,204
Based on this income, you can afford a home valued at approximately $406,746
The home price you can afford to buy based on household income in Norwich is 155% of the median home value which means housing prices are average. Norwich (New London County) ranks 6 out of 8 counties in Connecticut and 2,455 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Norwich, CT is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norwich (New London County) below.
Conforming loan limits for Norwich, CT
FHA loan limits for Norwich, CT
VA loan limits for Norwich, CT