LENDER
Any entity that extends credit. |
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LEVERAGE
Using someone else's money for the purchase of property. |
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LIEN
A legal claim by one party against the property of another as security for a debt. Must be paid off when property is sold. A mortgage or a first trust deed is a lien. |
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LIFETIME CAP
A provision of an ARM that limits the total increase in interest rates over the life of the loan. |
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LOAN
The amount of total borrowed money, that is repaid with interest. |
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LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan. |
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LOAN OFFICER
A person who helps borrowers through the loan selection, processing and closing of a mortgage loan. |
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LOAN TERM
The number of months that you will make monthly payments. |
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LOAN-TO-VALUE RATIO (LTV)
The percentage of loan amount to the actual appraised value of the property. |
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LOCK PERIOD
The number of days that the lender will guarantee the interest rate offered for a loan. |
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