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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
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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
"D" Credit Loan
A mortgage for a borrower that has no income or job history and a very poor payment history on all debts. If someone is a D Paper candidate he may expect to pay 4 to 6% higher than the current interest rates. The loan to value ratio on this type of credit usually averages between 50% and 70% LTV depending on the individual lender.
Debt
An amount owed to another.
Debt-to-Income Ratio
The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.
Deed
The legal document conveying title to a property.
Deed and Money Escrow
This type of escrow is used by buyers and sellers. It is used when the buyer does not want to release funds until he is certain he has received title and the seller does not want to give the buyer a deed until he receives the funds. Disbursement of the proceeds is normally not made until the deed is recorded and title is updated to be certain no intervening liens have occurred.
Deed-in-lieu
A deed given by a borrower to the lender to avoid foreclosure proceedings.
Deed of trust
In many states, this document is used in place of a CT mortgage to secure the payment of a note.
Deed Restriction
A limitation placed in a deed limiting or restricting the use of real estate.
Default
Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a CT mortgage.
Deferred interest
When a CT mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the Connecticut home loan balance. See negative amortization.
Deferred Maintenance
Repair or maintenance of property that should have been done but has been postponed resulting in physical deterioration of the property.
Deficiency Judgment
An amount the borrower must pay if the sale at foreclosure does not raise enough money to pay the balance of the loan.
Delinquency
Failure to make payments on time. This can lead to foreclosure.
Department of Veterans Affairs (VA)
An independent agency of the federal government which guarantees long-term, low-or no-down payment CT mortgages to eligible veterans.
de minimis PUD
A planned unit development (PUD) in which the common areas are of minimal value and have little influence on the value of the property.
Deposit
Money given in advance to show intention to complete the purchase of a property. See also Good Faith Deposit.
Depreciation
A decline in the value of property due to wear and tear, adverse changes in a neighborhood, or any other reason.
Disclosures
Information that must be given to consumers about their financial dealings.
Discount Point
Additional charges required by a lender to buy the interest rate to a below-market rate. Each point represents one per cent of the total Connecticut home loan amount.
Devise
Transfer of real estate under a will.
Documentation
A list of documents that you will be required to provide when submitting a Connecticut home loan application. See our Required Documents page.
Down Payment
Money paid to make up the difference between the purchase price and the CT mortgage amount.
Due-on-Sale-Clause
A provision in a CT mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the CT mortgage if the CT mortgage holder sells the home.
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