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All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 9 names in this directory beginning with the letter L.
Late Charge
Penalty paid by a borrower when a payment is made after the due date.

The bank, mortgage company, or mortgage broker offering the loan.

LIBOR (London Interbank Offered Rate)
The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans.

A legal claim by one person on the property of another for security for payment of a debt.

Loan Application
An initial statement of personal and financial information required to apply for a loan.

Loan Application Fee
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

Loan Origination Fee
Fee charged by a lender to cover administrative costs of processing a loan.

Loan-to-Value Ratio (LTV)
The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

Lock or Lock-In
A lender’s guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.