The Portland Mortgage Market

Hello everyone, this is John Vecchitto, a loan originator with Northeast Financial and a life-long resident of Portland, CT.  Portland is a small community with a population of 8,732 people and 3,388 households.  As a resident born and raised in Portland, I understand the value of great customer service and the demographics of our small town.  Throughout my childhood I was an active member in our community and am happy to give back and help you with the biggest financial decision of your life, buying a home.

Like many small towns in Connecticut, Portland’s housing market has been experiencing ups and downs. The median sales price of homes averages $195,000 to $267,000 in our community,which has been pretty consistent over the years.  With the recent trends in the town Portland has become a buyers market. What this means is over the last year there has been a decrease in the number of available buyers, and an increase in the number of homes for sale.  What does this mean to you, the buyer? When the number of homes for sale is up, you’ll have more properties to choose from and most listing prices can be reduced so you get a better deal.

If you’re looking to purchase a home or refinance, residents of Portland have a lot of great options. One of the loans a lot of residents aren’t aware of is a USDA loan. To be eligible you must live in an area they consider “rural”, which most of Portland qualifies for. The benefit of this loan is there is no down payment required, and you’re even allowed to finance your closing costs. Other options for first time home buyers would be CHFA, which offers special discount rates for teachers and police officers, and FHA, which allows you to obtain a loan with as little as 3.5% down.  Now is also a great time to refinance. Here at Northeast Financial we offer options to help you refinance whether you’re looking to consolidate your debt, make some home improvements, or just looking to reduce your rate.

Northeast Financial works with small town communities like Portland all over the state. I am happy to help you navigate through the mortgage process. Whether you’re looking to refinance or purchase a home, we offer a wide array of mortgage products including the once I mentioned above, and also Conventional, VA, Reverse, and Jumbo Loans. We offer a free consultation either over the phone or in person to go over all your options. If you prefer, I can come out and meet you personally or you can come out to our office. I’m here to answer any questions in the meantime.

Give me a call today at 860-918-0251 or email me at johnv@northeast-mortgage.com