2/23/2018

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 Mortage Definitions

Definitions (A)
Definitions (B)
Definitions (C)
Definitions (D)
Definitions (E)
Definitions (F)
Definitions (G)
Definitions (H)
Definitions (I)
Definitions (J & K)
Definitions (L)
Definitions (M)
Definitions (N)
Definitions (O)
Definitions (P & Q)
Definitions (R)
Definitions (S)
Definitions (T)
Definitions (U & V)
Definitions (W)
Definitions (X,Y & Z)
Mortgage Definitions

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Mortgage definitions and Terms (L)

Land: In real estate terms, land is the ground and those things that are permanently affixed to it, such as trees, crops, and any minerals found underneath.

Late Charge: A late charge is a penalty that is assessed to a borrower on payments that are not made on, or before, the due date, or after a grace period, if the grace period applies.

Lender: Can be a company, corporation, individual, or any party that make loans.

Lien: A lien is an encumbrance against property that is filed with the county recorder that makes the property a security against debt. A lien may assessed against property for a mortgage, unpaid tax debt, judgments or other debt.

Leverage: The use of a small amount of a borrowers funds to purchase a property or to increase a borrowers purchasing power.

Loan: In real estate, a loan is an amount of money that is lent to a borrower who agrees to pay it back over a certain period of time, usually with interest.

Loan Application: A document taken at the beginning of the loan origination detailing information about a borrower. The details include the type of loan being requested, employment, income, names and addresses of creditors, and other information needed to process the loan.

Loan Commitment: A written commitment from a lender to a borrower agreeing to lend the borrower an amount of money at a specified interest rate and terms to close on or before a set date.

Loan Officer: The individual who takes the loan application and takes on the responsibility of working with his customer in assisting and gathering documentation in order that the customer's loan is approved.

Loan Origination Fee: A fee charged by a lender as a one time set up charge.

Loan Processor: The individual who makes sure that all documents are collected and filed in order that a loan can be processed and underwritten in a timely manner.

Locked-In Interest Rate: The promise by a lender to a borrower at the time of the loan application to give the borrower a specific interest rate.

LTV (Loan To Value Ratio): The loan to value ratio is the difference between the percentage of money that a lender is willing to loan and the value of the property that is being bought or mortgaged.

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