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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
Rate
In lending, the amount of interest on the Connecticut home loan expressed as an interest rate or annual percentage rate (APR) of the principal.
Rate Lock
A commitment issued by a lender to a borrower or other CT mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.
Rate/Point Options
These options are all the combinations of interest rate and points that are offered on a particular Connecticut home loan. Usually, paying more points lowers interest rates.
Real Estate Broker
A middleman or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property but generally represents the owner.
Realtor
A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors.
Real Estate Agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
Rescind or Recission / Rescission
To cancel a contract. With respect to CT mortgage refinancing, the law that gives the homeowner three days to cancel a contract once it is signed if the transaction uses equity in the home as security.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
Redemption Period
The time period in a foreclosure that a borrower who is in default cannot be evicted or be divested of legal title. This time period also allows the borrower to repay his debt in full.
Redlining
The alleged identification by some lenders of specific geographic areas for the purpose of denying mortgages in a discriminating way.
Refinance
Obtaining a new CT mortgage loan on a property already owned. Often to replace existing Connecticut home loans on the property.
Regulation H
A Federal regulation used by the Secretary of Housing and Urban Development (HUD) to implement the Real Estate Settlement Procedures Act (RESPA).
Regulation Z
Federal regulation by the Federal Reserve Board to carry out the purpose of the Truth-in-Lending Act.
Renegotiable Rate CT Mortgage
A Connecticut home loan in which the interest rate is adjusted periodically. See adjustable rate CT mortgage.
Rescind
To cancel in such a way as to treat the contract as if it never existed.
Rescission
The right of a borrower to cancel a credit transaction where the borrower's primary residence is used as security for the debt. Used in a refinance or home equity loan.
Resident Alien
An individual who is not a U.S. citizen but who has an Alien Registration Receipt Card. He is authorized to live and work in the U.S. on a permanent basis. Generally, no problem in obtaining a mortgage.
RESPA
Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.
Restrictive Covenants
An agreement that restricts the use of one's land in some way.
Reverse Annuity CT Mortgage (RAM) (Reverse Mortgage)
A form of CT mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as collateral for and repayment of the Connecticut home loan.
Revolving Liability
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services.
Right of Recision
The right of a borrower on some types of loans (refinancing, home equity loan) under the Truth in Lending law, to rescind a transaction within a period of 3 days after the closing has taken place. If the borrower does not exercise his Right of Recision, all monies are then disbursed to the borrower on the fourth day after the closing.
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