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Mortgage Options Made Simple

Selling a home calls for some tough decisions -- and the first one is coming up with the price. Ken Campbell, a broker with Westport Mortgage , advises homeowners to heed the advice of the professionals. “Listen to your broker. He or she knows what’s happening in the market and will price the house to sell,” he said. Another option is to call in an appraiser who can compare sales prices for comparable homes in your area.

Correctly priced homes in great condition tend to sell more quickly – and that’s when new buyers turn to a broker, like Ken, for a mortgage. But right now, the bulk of the mortgage business is refinancing. “Rates are at an all time low so if you haven’t refinanced your mortgage recently, now is the time to consider doing it,” Ken said.

In addition to helping you shop for the best mortgage deals, he can also help you navigate the confusing options offered by the banks. “The first question I ask a customer is how long he expects to stay in the home,” he said, and that can determine whether you opt for a fixed 30 year fixed rate mortgage or for a shorter loan, such as a 7/1 adjustable rate mortgage (ARM), in which the rate stays the same for seven years before adjusting up or down, depending on the rates at the time. “If you know you’re only going to be in your home for 5 years, it might make sense for you to consider a shorter ARM since the rates are typically lower than the 30 year fixed rate,” he said.

Ken and his wife, Kathy McShane , live in New Canaan with their sons, Ken and Andrew.  But Ken hasn’t always lived in Fairfield County. “I was born in Havana, Cuba,” he said. Ken’s grandfather moved to Havana in the early 1920s to set up a Rolls Royce and Hudson dealership. “We left Havana in the ‘60s and moved to Puerto Rico, then my dad got a job in Westchester.” These days Ken’s life revolves around his business and his town -- Ken is a member of the New Canaan town council and an active Rotarian.

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