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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
Late Charge
The penalty a borrower must pay when a payment is made a stated number of days (usually 15) after the due date.
Leasehold Estate
An estate whereby one has possession but not ownership of land and/or property.
Legal Description
A description of land sufficiently accurate so that an independent surveyor can locate and identify the property.
Lease-Purchase CT mortgage loan
An alternative financing option that allows low- and moderate-income home buyers to lease a home with an option to buy. Each month's rent payment consists of principal, interest, taxes and insurance (PITI) payments on the first CT mortgage plus an extra amount that accumulates in a savings account for a down payment.
Lender
Any licensed person or entity advancing funds that are to be repaid. Also known as a CT mortgagee.
Liabilities
A person's financial obligations. Liabilities include long-term and short-term debt.
Lien
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
Lifetime Payment Cap
For an adjustable-rate CT mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the CT mortgage.
Lifetime Rate Cap
For an adjustable-rate CT mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the Connecticut home loan. See cap.
Limited Documentation Loans
Mortgage loans that require less documentation than fully processed loans.
Liquid Assets
Cash or assets that can be immediately converted to cash.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan Amount
The amount of debt, not including interest.
Loan Officer
Your Connecticut home loan officer is your personal guide throughout the CT mortgage process. He or she will help you to identify your needs, select a Connecticut home loan program, complete the application process, offer advice and answer any questions you may have.
Loan Servicing
The lender that provides the borrower's mortgage will service the loan in the following ways:
Collect all monthly payments
Make all disbursements to the lender
Place predetermined monies in all escrow accounts
Make all payments from escrow accounts to appropriate agencies (real estate taxes, insurance, PMI companies, etc.)
Loan-to-Value Ratio
The relationship between the amount of the CT mortgage loan and either the appraised value of the property or the purchase price (which ever is the lesser amount) expressed as a percentage.
Lock
Lender's guarantee that the CT mortgage rate quoted will be good for a specific number of days from day of application.
Lock Period
A lock period refers to the amount of time prior to closing that you can secure an interest rate for your Connecticut home loan. Generally, lock periods range from 30 days to over 90 days.
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