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A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
Apply for a Connecticut Home Equity Loan
Apply for a Connecticut Home Mortgage Loan
Contact Us
First Time Buyer in Connecticut Seminar Sign Up
Get Pre-Approved or Pre-Qualified
Refinance your Connecticut Home Mortgage Loan
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Mortgage Glossary
Acorn Home Mortgage works with homeowners from prequalification to closing. Whether you are a First Time Home Buyer in Connecticut or trading up, we will assist you to find the best mortgage product for your specific needs. It is about what you can afford and your monthly payment. We personally meet our clients in CT.
Considering refinancing your Connecticut Mortgage, then let our experienced mortgage professionals evaluate your mortgage and debts to determine if you can save at least a month's worth of salary? Refinancing is all about restructuring your total debt to reduce your total monthly payment.
A B C D E F G H I J L M N O P Q R S T U V W Y Z
"B" Credit Loans
A CT mortgage for a borrower that has had some credit problems, a few late CT mortgage payments or too much debt to qualify for a conventional mortgage. Rates and terms will generally be higher than the current market rates. The Loan to Value Ratio on this type of credit usually ranges between 70% LTV and 80% LTV depending on the lender.
Balance sheet
A financial statement that shows assets, liabilities and net worth as of a specific date.
Balloon mortgage
A Connecticut home loan which is amortized for a longer period than the term of the Connecticut home loan. Usually this refers to a thirty-year amortization and a five year term. At the end of the term of the Connecticut home loan, the remaining outstanding principal on the Connecticut home loan is due. This final payment is known as a balloon payment.
Balance Sheet
A statement of financial condition of an individual or a business showing assets, liabilities and net worth as of a given date.
Balloon Payment
The final lump sum paid at the maturity date of a balloon CT mortgage.
Bankruptcy
The manner in which an individual or business is relieved on the payment of all debts after the submission of all assets to a court-appointed trustee, for the protection of the creditors.
Chapter 7 bankruptcy covers liquidation of the assets of a debtor in their order of priority.
Chapter 11 bankruptcy allows for a plan of reorganization to provide full or partial payment to all creditors.
Chapter 12 covers certain farm bankruptcies.
Chapter 13 covers restructuring of the consumer's debts. Fannie Mae and Freddie Mac will allow an individual to apply for a mortgage after the bankruptcy has been discharged for two years.
Basis Points
One-hundredth of 1%. Used to describe the amount of change in yield in mortgages. For example, 1/2 of 1 percent (.50%) equals 50 basis points.
Bill of Sale
A written document that transfers title of personal property.
Binder
The document relating to a buyer’s commitment to purchase a home from a seller, subject to certain terms and conditions. This document normally gives a buyer five working days to consult with a mortgage banker and to apply for a loan.
Biweekly payment CT mortgage
A CT mortgage that requires payments every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required, and they are usually drafted directly from the borrower's bank account. The result for the borrower is a substantial savings in interest.
Blanket CT mortgage
A CT mortgage covering at least two pieces of real estate as security for the same CT mortgage.
Bond
An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a CT mortgage or a deed of trust.
Borrower (Mortgagor)
One who applies for and receives a Connecticut home loan in the form of a CT mortgage with the intention of repaying the Connecticut home loan in full.
Breach
A violation of any legal obligation.
Bridge loan
A second trust that is collateralized by the borrower's present home allowing the proceeds to be used to close on a new house before the present home is sold. Also known as "swing loan."
Broker
A company in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers receive a commission for their services which is normally paid by the lender. Brokers are able to arrange Connecticut home loans and CT mortgages for their clients on a wholesale basis (reduced interest rate), due to the volume of Connecticut home loans they originate for lenders.
Bundle of Rights
The rights or interest of a person in a Connecticut property. They are the exclusive rights to own, possess, use, enjoy and dispose of real property.
Buydown CT mortgage
A temporary buydown is a CT mortgage on which an initial lump sum payment is made to reduce a borrower's monthly payments during the first few years of a CT mortgage. A permanent buydown reduces the interest rate over the entire life of a CT mortgage.
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