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Land Contract
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an installment plan for buying a house, used as an alternative
to obtaining a traditional mortgage loan.
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Late Charge
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a penalty assessed for failure to make a payment on time.
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Lease
with Option to Purchase
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a lease in which the monthly rent payment applies to a first
mortgage, plus an amount set aside to accumulate for
a down payment.
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Lien
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a legal claim by one party on the property of another party.
In a mortgage, it is used as security for repayment of the
loan.
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Lis Pendens
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a notice that a legal dispute exists over a property.
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Listing
Agreement
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an agreement between a property owner and a real estate
broker, authorizing the broker to find a buyer for the property.
If the sale is consummated, the listing broker will be paid
a fee.
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Loan Officer
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a qualified individual who helps borrowers through the selection,
processing and closing of mortgage loan. The loan officer
may be an employee of a mortgage
broker, mortgage
banker, or other lending institution.
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Loan-to-Value
Ratio (LTV)
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the ratio of the mortgage loan amount to the property's
appraised value or selling price, whichever is less. For
example, a property appraised at $100,000 with a mortgage
amount of $75,000 is said to have a 75% LTV.
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Lock
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also known as "lock-in." A guarantee from a lender that
a borrower will receive the interest
rate in effect for a specific amount of time.
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Mortgage Glossary © Copyright 2004, 2008
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