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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
Negative Amortization
Occurs when your monthly payments are not large enough to pay all the interest due on the Connecticut home loan. This unpaid interest is added to the unpaid balance of the Connecticut home loan. The danger of negative amortization is that the home buyer ends up owing more than the original amount of the Connecticut home loan.
Net Effective Income
The borrower's gross income minus federal income tax.
No Documentation CT Mortgage
A no-documentation, or "no-doc", CT mortgage is a specialty Connecticut home loan product that generally requires a down payment of at least 5% to 30% of the home purchase price. No-doc CT mortgages are generally a wise choice for self-employed people, those who do not wish to verify their income and those with a brief or blemished credit history, or no credit at all. The benefits of a no-doc CT mortgage include a shorter application process, since you are not required to provide income, employment or asset documentation, as well as a streamlined approval, because there is little subsequent verification. However, no-doc CT mortgages generally will be at slightly higher interest rates. Lenders will still require to see evidence that the borrower has income, usually by requesting recent bank statements and by having access to tax returns.
Net worth
The value of all assets, including cash less total liabilities.
No Income Verifying Loan
A mortgage program, especially for the self employed that does not need to verify the income reported by the borrower.
Non Assumption Clause
A statement in a CT mortgage contract forbidding the assumption of the CT mortgage without the prior approval of the lender. Note: The signed obligation to pay a debt, as a CT mortgage note.
Non-conforming Connecticut home loan
A conventional home CT mortgage that does not meet the criteria of Fannie Mae or Freddie Mac for various reasons including Connecticut home loan amount, Connecticut home loan characteristics or underwriting guidelines. Non-conforming Connecticut home loans usually incur a higher rate and/or points.
Non-Owner Occupant
A borrower on the CT mortgage who will not be living in the property. The borrower on an investment property is also known as a non-owner occupant.
Note
A legal document that obligates a borrower to repay a CT mortgage loan at a stated interest rate during a specified period of time.
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