A B C D E F G H I J K L M
N O P Q R S T U V X W Z

L

Lien
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
Judgment Lien
A judgment is a lien against all real property owned by the judgment debtor in the county where the judgment is docketed (recorded).
Life Cap
With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.
Lis Pendens
Recorded document showing a pending litigation filed in the court. These show up on the preliminary title report and must be dealt with when transferring ownership or refinancing.
Loan Application
The loan application is the source of information on which the lender bases a decision to make the loan; defines the term of the loan, gives the name(s) of the borrowers(s), place of employment, salary, bank accounts and credit references, and describes the real estate that is to be mortgaged. It also stipulates the amount of the loan being applied for and the repayment terms.
Loan Originator
An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. You, the consumer, typically pay no additional costs for this service.
Loan To-Value Ratio (LTV)
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage.