Mortgage Financing Directory - Glossary of Terms

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Mortgage Glossary (J-L)

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J-L

A / B / C / D / E / F / G / H / I / J
L / M / O / P / R / S / T / U / V

J

Judgment: a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.

L

Lease purchase: assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

Lien: a legal claim against property that must be satisfied When the property is sold

Loan: money borrowed that is usually repaid with interest.

Loan fraud: purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

Loan-to-value (LTV) ratio: a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.

Lock-in: since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

Loss mitigation: a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.

Mortgage Glossary Pages:

(A-C), (D-F), (G-I), (J-L), (M-O), (P-R), (S-U) and (V-Z)

Did you know?

"Mortgage" and "Refinancing" are often misspelled. Some examples are: home redinancing, house reeinance, refiancinghome, home reefinance rates, mortage reefinance, mortage reefinancing, mortgage reefinance, home reefinancing, mortage reeinance, mortgage reefinancing, home reeinance, house redinancing rates, refiancinghome, mortgage reeinance, house reefinance, morgage redinancing rates, house reefinancing, morgage reefinance, refiancinghome, mortgage redinancing, morgage reefinancing, mortage redinancing rates and morgage reeinance. Please note the correct spelling for future use.

States in this Directory

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington D.C. West Virginia Wisconsin Wyoming

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