|
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
Margin
The amount a lender adds to the index on an adjustable rate CT mortgage to establish the adjusted interest rate.
Market Value
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
Marketable Title
A title that is free and clear of objectionable liens, clouds or other title defects. A title that enables an owner to sell his property freely to others and that others will accept without objection.
Maturity
The date on which the principal balance of a Connecticut home loan becomes due and payable.
Mechanics Lien
A lien allowed by statue to contractors, laborers and suppliers on buildings where work has been performed or for which materials were supplied and payment is still due. In a new subdivision it is important to obtain lien waivers for the off-site improvements such as street paving, sewers, street lights and water lines. A lien waiver can be a partial waiver or a final waiver. A partial waiver is used where only partial payment has been provided to the contractor.
Median Sales Price
The year-to-year percent change in the median sales price of an existing single-family home. The median price is that price at which one-half of the homes sold fell below the price and one-half of the sales were above it.
Member, Appraisal Institute (MAl)
A designation awarded to a member of the American Institute Qf Real Estate Appraisers.
Metes and Bounds
A description of land Iocation where the boundaries are defined by directions and distances.
Minimum Down Payment
Minimum down payment is the amount of money you are required to put down at closing. If the minimum is 10%, you must make a down payment of at least $10,000 on a $100,000 house.
MIP (CT mortgage Insurance Premium)
It is insurance from FHA to the lender against incurring a loss on account of the borrower's default.
Monthly Payment
The amount paid each month towards the principal and interest amount of a Connecticut home loan. The monthly payment may or may not include taxes and insurance.
Monthly Fixed Installment
That portion of the total monthly payment that is applied toward principal and interest. When a CT mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction and doesn't cover all of the interest. The Connecticut home loan balance therefore increases instead of decreasing.
CT Mortgage
A legal document that pledges a property to the lender as security for payment of a debt. A Connecticut home loan for a house. Also referred to as a lien or claim against real property.
CT Mortgage Banker
A company that originates CT mortgages exclusively for resale in the secondary CT mortgage market.
CT Mortgage Broker
An entity that specializes in Connecticut home loan originations and receives a commission, usually from the lender, for matching borrowers with lenders. The CT mortgage broker performs some or most of the Connecticut home loan processing functions such as taking Connecticut home loan applications, ordering credit reports, appraisals and title reports. Typically, the CT mortgage broker does not underwrite the Connecticut home loan and generally does not use its own funds for closing.
Mortgagee
The lender.
Mortgage Commitment Letter
A formal offer from a bank, or other lending institution, which states the terms under which it agrees to advance CT mortgage funds to a homebuyer.
Mortgage Insurance
Money paid to insure the CT mortgage when the down payment is less than 20 percent.
Mortgage Insurance Premium
The payment made by a borrower to the lender for transmittal to HUD. These payments help defray the cost of the FHA CT mortgage insurance program and provide a reserve fund to protect lenders against loss in insured CT mortgage transactions. In FHA insured CT mortgages, this represents an annual rate of one-half of 1 percent paid by the borrower on a monthly basis.
Mortgage Life Insurance
A type of term life insurance In the event that the borrower dies while the policy is in force, the debt is automatically paid by insurance proceeds.
Mortgage Servicing Disclosure
The lender must inform the homeowner if the servicing rights of this CT mortgage loan may be sold to another lender.
Mortgage Note
A written promise to pay a sum of money at a stated interest rate over a specific term. It is secured by the CT mortgage.
Mortgagor
The borrower or homeowner.
|