Connecticut Real Estate News

Debt-to-Income Ratio: The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.

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Discount: In an ARM with an initial rate discount, the lender gives up a number of percentage points in interest to give you a lower rate and lower payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM rate will probably go up depending on the index rate.

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Interim Financing: A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion.

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Down Payment: Money paid to make up the difference between the purchase price and the mortgage amount.

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Delinquency: Failure to make payments on time. this can lead to foreclosure.

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Commitment: A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. an agreement, often inwriting, between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.

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Realtor: A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors.

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Commitment: A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. an agreement, often inwriting, between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.

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Delinquency: Failure to make payments on time. this can lead to foreclosure.

Visit the Connecticut Real Estate Multi List

Interim Financing: A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion.

Visit the Connecticut Real Estate Multi List