WHAT TO KNOW ABOUT PURCHASING
A HOME OVER $1 MILLION
Buying a home priced over $1 million comes with unique considerations beyond the usual home-buying process. First, expect a more rigorous mortgage approval process. Most lenders treat these as jumbo loans, which exceed conforming loan limits. Jumbo loans typically require a higher credit score, a larger down payment (often 20% or more), and strong proof of income and assets.
Interest rates on jumbo loans can be slightly higher than standard mortgages, and fewer lenders offer them, so it's wise to shop around. You'll also need to budget for higher property taxes, homeowners insurance, and possibly private mortgage insurance (PMI) if your down payment is below 20%.
This 4 bedroom, 3 full bath, completely renovated beachside home with panoramic Long Island Sound views sold in Milford earlier this year for $1,650,000:
This luxury waterfront retreat on Long Island Sound in Clinton, with 4+ bedrooms and 2.5 baths, as well as an in-ground swimming pool, sold this year for $2,262,500:
Is this your price range? Maybe more? There's a property in Guilford that's on the market for $35,000,000. Regardless of the price point I'd be happy to help you discover the right community, town, and property to match your lifestyle and budget.
Thinking about a second or weekend home in Connecticut? I'm here to help. The search for a home is more than a transaction—it’s a journey, and I’d be honored to take it with you. Let's start with a visit. Hop on the train at Grand Central Station and two hours later I'll meet you in New Haven for an area tour. There's no better way to start.
Let’s talk.
Let’s talk.
