|
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
|
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?
A B C D E F G H I J L M N O P Q R S T U V W Y Z
Fair Housing Act
Title VIII of the Civil Rights Act of 1968, prohibits discrimination in the sale, rental, or financing of housing and the provision of brokerage services on the basis of race, color, religion, national origin, sex, handicap or familial status. Section 801 (Policy) states: ''It is the policy of the United States to provide, within constitutional limitations, for fair housing throughout the United States."
Fannie Mae
see Federal National CT mortgage Association.
Farmers Home Administration (FmHA)
Provides financing to farmers and other qualified borrowers who are unable to obtain Connecticut home loans elsewhere.
Federal Home Loan Bank Board (FHLBB)
The former name for the regulatory and supervisory agency for federally chartered savings institutions. Agency is now called the Office of Thrift Supervision
Federal Home Loan Mortgage Corporation(FHLMC) also called "Freddie Mac"
Is a quasi-governmental agency that purchases conventional CT mortgage from insured depository institutions and HUD-approved CT mortgage bankers.
Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential CT mortgage loans made by private lenders. FHA also sets standards for underwriting CT mortgages.
Federal National Mortgage Association (FNMA) also know as "Fannie Mae"
A tax-paying corporation created by Congress that purchases and sells conventional residential CT mortgages as well as those insured by FHA or guaranteed by VA. This institution, which provides funds for one in seven CT mortgages, makes CT mortgage money more available and more affordable.
Fee Simple
The most complete form of ownership conveyed for possibly infinite duration. There are no limitations with this type of ownership. Most property is owned fee simple.
FHA Connecticut home loan
A Connecticut home loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA Connecticut home loans ($155,250 as of 1/1/96), they are generous enough to handle moderately-priced homes almost anywhere in the country.
FHA CT mortgage insurance
Requires a fee (up to 2.25 percent of the Connecticut home loan amount) paid at closing to insure the Connecticut home loan with FHA. In addition, FHA CT mortgage insurance requires an annual fee of up to 0.5 percent of the current Connecticut home loan amount, paid in monthly installments. The lower the down payment, the more years the fee must be paid.
FHLMC
The Federal Home Loan Mortgage Corporation provides a secondary market for savings and Connecticut home loans by purchasing their conventional Connecticut home loans. Also known as "Freddie Mac."
FICO
Fair Isaac Company, the company that invented the programs that determine the value of your credit score based on a high number of variables. See All About Credit Scores
Firm Commitment
A promise by FHA to insure a CT mortgage loan for a specified property and borrower. A promise from a lender to make a CT mortgage loan.
Federal National Mortgage Association (Fannie Mae)
A tax-paying corporation, created by Congress, that purchases and sells conventional residential CT mortgages as well as those insured by FHA or guaranteed by VA. This institution makes CT mortgage money more available and more affordable.
First mortgage
The primary lien against a property.">
Fixed Installment
The monthly payment due on a CT mortgage loan including payment of both principal and interest.
Fixed Rate Connecticut home loan or CT mortgage
The CT mortgage interest rate will remain the same on these CT mortgages throughout the term of the CT mortgage for the original borrower.
Floating Rate
An interest rate that normally uses the prime rate a base. The lender will charge a certain rate over the prime rate. This interest rate can change month to month and must be paid off in a short time frame. Construction loans usually use floating interest rate loans. The term floating rate can also refer to a borrower who chooses not to lock in an interest rate at time of application or during the loan process. He is usually hoping that the rates will go down and he can get better terms. During the time the loan is not locked in it is considered having a floating interest rate.
Float Period
The float period refers to the time between when you accept a Connecticut home loan and when you lock in your rate. During this time the interest rate and points on your Connecticut home loan will fluctuate with the market until you lock.
Flood Insurance
Coverage above normal hazard insurance to cover damage caused by rising water. If the property is located in a flood zone area, flood insurance is required to obtain mortgages from any federally regulated lenders. Flood zones are designated through government flood plain maps and flood insurance is only obtainable if you live within these designated areas.
Forbearance Agreement
An agreement that a lending institution will delay exercising its right to foreclose on a loan as long as the borrower performs certain agreed upon terms and conditions.
Foreclosure
A legal process by which the lender or the seller forces a sale of a CT mortgaged property because the borrower has not met the terms of the CT mortgage. Also known as a repossession of property.
Freddie Mac
see Federal Home Loan Mortgage Corporation
Free and Clear
A term used to describe the status of a CT mortgage that has been completely paid off. The property is free of any liens or encumbrances such as tax liens, etc.
Fully Amortized ARM
An adjustable-rate CT mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.
FNMA
The Federal National Mortgage Association is a secondary mortgage institution which is the largest single holder of home mortgages in the United States. FNMA buys VA, FHA, and conventional mortgages from primary lenders. Also known as "Fannie Mae."
Full Documentation Loans
CT Mortgages that require the most information from the borrower. All information presented in the application must be verified. Most mortgage loans will use full documentation.
Fully Indexed Rate
The base index rate plus the margin on an adjustable rate mortgage plus the highest gross margin during the life of the loan.
|