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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
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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
Sales Concessions
Money or other things of value paid or transferred by the seller to the buyer to entice him to purchase the property. These concessions will be deducted from the sales price before the loan amount to be borrowed will be calculated.
Satisfaction of CT mortgage
The document issued by the Mortgagee when the CT mortgage loan is paid in full. Also called a "release of CT mortgage."
Second Home
A single-family home that the borrower occupies in addition to his primary residence. This home cannot be income producing property.
Second CT mortgage
A CT mortgage made subsequent to another CT mortgage and subordinate to the first one.
Secondary CT mortgage Market
The place where primary CT mortgage lenders sell the CT mortgages they make to obtain more funds to originate more new Connecticut home loans. It provides liquidity for the lenders.
Security
The property that will be pledged as collateral for a Connecticut home loan.
Selling the Mortgage
This occurs when the current lender that the borrower is paying his CT mortgage to sells his loan to another mortgage servicing company. The old lender is required by federal law to inform the borrower if servicing rights have been sold. The only change this means for the borrower is where to send his CT mortgage payments. All terms of the borrower's CT mortgage do not change.
Seller Carry-back
An agreement in which the owner of a property provides financing, often in combination with an assumable CT mortgage. See owner financing.
Servicer
An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services CT mortgages that have been purchased by an investor in the secondary CT mortgage market.
Servicing
All the steps and operations a lender performs to keep a Connecticut home loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like.
Settlement/Settlement Costs
see closing/closing costs
Shared Appreciation CT Mortgage (SAM)
A CT mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to CT mortgage where the borrowers shares the monthly principal and interest payments with another party in exchange for part of the appreciation.
Simple Interest
Interest which is computed only on the principle balance.
Society of Real Estate Appraisers (SREA)
A professional organization for qualified appraisers.
Standard Payment Calculation
The method used to determine the monthly payment required to repay the remaining balance of a CT mortgage in substantially equal installments over the remaining term of the CT mortgage at the current interest rate.
Step-Rate CT Mortgage
A CT mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the Connecticut home loan.
Subordinate Financing
A mortgage that is junior to the mortgage in first position on a property. Usually a home equity mortgage would be subordinate to the first or primary mortgage.
Subordination Agreement
A recorded legal agreement that acknowledges that a debt is inferior to the interest of another debt in the same property. In a refinance, when replacing the first mortgage with a new loan but keeping the second or third mortgage, the lender of the second or third mortgage must agree in writing to subordinate their loan to the new first mortgage.
Subordination Clause
The clause inserted into a CT mortgage document that keeps the CT mortgage secondary to any other CT mortgages. CT mortgages are valued according to the chronological order on which they are put onto a property. In the event of a foreclosure, all the money from the foreclosure sale goes to payoff the lender of the first mortgage. Whatever money is left goes to payoff the holder of the second third or fourth mortgages. When a first mortgage is paid off, the second advances to become the first, the third to second and so on. When a second advances to first position, it could prevent a homeowner from refinancing. Hence a subordination clause is inserted in the second mortgage so that it remains in second position.
Survey
A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings.
Sweat Equity
Equity created by a purchaser performing work on a property being purchased.
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