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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

 

 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


Hazard Insurance
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.

Home Equity Connecticut home loan
Sometimes referred to as a second CT mortgage or borrowing against your home. The Connecticut home loan allows you to tap into your home's built-up equity, which is the difference between the amount your home could be sold for, and the amount that you still owe. Homeowners often use a home-equity Connecticut home loan for home improvements, to pay for a new car, or to finance their child's college education. A home-equity Connecticut home loan is a good way to borrow money for two main reasons: 1.) the interest rate is usually one of the lowest Connecticut home loan rates a borrower can get and 2.) the interest you pay on the Connecticut home loan is usually tax-deductible. (Consult your own tax council for details)

There are two types of financing available from your home equity, a home equity loan and a home equity line of credit (he-lock). A home equity loan is like any other loan, agreed on an initial loan amount and repayable in equal installments of interest and principal over an agreed period. A home equity line of credit (HELOC) is an agreed amount where the borrower can draw up to this total amount and repay and reborrow as often as required over a set period of time, usually ten years. After that time the line of credit will revert to a loan and any outstanding balance must be repaid on a regular monthly basis covering both interest and outstanding principal over an agreed period.

Homestead Exemption
In some states, the home and property occupied by an owner are protected by law up to a certain amount from attachment and sale for involuntary liens.

Housing Affordability Index
Estimate of housing affordability based on the price of the median sales price of an existing single-family home, median income, mortgage rates and assumptions concerning down payment, property taxes and insurance.

Housing Expenses-to-Income Ratio
The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her gross monthly income. See debt-to-income ratio.

Hubbard Clause Contingency
A clause in a property purchase contract that protects a buyer from having to close on the purchase of a new home until they have successfully managed to sell their current home. Many sellers do not wish to accept these clauses in their sales contracts in case the sales contract doesn’t close. A seller may favor a potential purchaser that doesn’t have a current property to sell or who does not make the purchase of the new home contingent on selling their current home. A seller may even accept a lower offer from such an unencumbered buyer.

Understanding the Hubbard Clause



HUD - U.S. Department of Housing and Urban Development
Office of Housing/Federal Housing Administration within HUD insures home CT mortgage loans made by lenders and sets minimum standards for such homes.

HUD-1 statement
A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, Connecticut home loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing.

 



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