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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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First Time Buyer in Connecticut Seminar Sign Up
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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
Tax Lien
A claim against the property for non-payment of property taxes. May also mean non-payment of income tax.
Tenancy in Common
Ownership of property by two or more persons with no right of survivorship. Interest is passed on to heirs after the death of an owner. This form of ownership is usually requested if the mortgage is part of a business deal.
Tenancy at Will
An interest created with the consent of owner and tenant, which may be terminated at the will of either party.
Tenancy of Sufferance
The interest of a tenant who enters lawfully, but stays on after the expiration of the lease without the landlord's permission.
Tenancy by the Entirety
A form of ownership offered only to married couples. This ownership allows for automatic right of survivorship if one of the spouses die.
Term
The life of the Connecticut home loan. The period of time between the beginning loan date on the legal documents and the date the entire balance of the Connecticut home loan is due.
Third-party Origination
When a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the CT mortgages it plans to deliver to the secondary CT mortgage market.
Title
A document that gives evidence of an individual's ownership of property.
Title Insurance
A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller. Policies are also available to protect the lender's interests.
Title Search
An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company.
Total Expense Ratio
Total obligations as a percentage of gross monthly income including monthly housing expenses plus other monthly debts.
Trailing Spouse
A person who leaves his existing employment and moves with his spouse who has been relocated by her employer. Usually, the underwriter will want to know if the trailing spouse has the potential for employment in the new location but has not found a job yet. Not all lenders count trailing spouse income.
Transfer Fees
Fees collected from buyer and seller of a property to defray city or county charges for changing the mortgage records.
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Transfer Tax
A tax levied on the sale of real property, a sales tax on real estate.
Treasury Securities Index
This ARM index is published weekly by the Federal Reserve Board. It gives the constant maturity interest rate for treasury securities. This interest rate is the one that investors pay to buy government debts.
Trust Deed (Deed of Trust)
An instrument in place of a mortgage. Property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary) and reconveyed upon payment in full.
Truth-In-Lending
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the Connecticut home loan. Also known as Regulation Z.
Two-Step CT Mortgage
A CT mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. the lender sometimes has the option to call the Connecticut home loan due with 30 days notice at the end of seven or 10 years. also called "Super Seven" or "Premier" CT mortgage.
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