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Connecticut Mortgage Once again Connecticut mortgage rates dropped to a record low. Tri-state loan applicants can feel confident they are getting the best rate possible for home financing. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. Connecticut mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a Connecticut lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.
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Mortgage Terms to Know for the Loan Process |
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Annual Percentage Rate (APR) |
Second Mortgage |
Home Equity Line of Credit |
Is a interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account point and other credit cost. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan. |
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans. | A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation. |
| Combined Loan to Value | Fixed Rate Mortgage | Jumbo Home Mortgage |
The relationship between the unpaid principal balances of all the mortgages on a property and the property's appraised value. |
A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term. | A loan which is larger (more than $417,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. |
| FICO score | Good Faith Estimate |
Negative Amortization |
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Scoring has become widely accepted by lenders as a reliable means of credit evaluation |
A written estimate of closing costs which a lender must provide you within three days of submitting an application. |
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan. |
Connecticut Mortgage Loan Terms: 1) First Mortgage Product is available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions. 2) The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term. 3) Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state. 4) 40 Yr Amortization: First Mortgage programs are available with a 2/38 or 3/37 LIBOR ARM and 40/30 Balloon first 5) Interest only is available on the 2/28, 3/27 and 30/30 first liens only |
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| Recommended Mortgage Pages: |
Nationwide Mortgage Lender | Company Profile | Loan Programs | Bad Credit Mortgage News | Contact Us | Apply Now | Privacy Nationwide Mortgages 701 Palomar Airport Road, Carlsbad, CA 92009 |
