loan application fee
A fee charged by lenders to cover expenses incidental to a loan
application.loan commitment
A
promise by a lender or other financial institution to make or insure a loan for
a specified amount and on specific terms.
loan officer
An
official lending institution representative who is empowered to act on behalf of
the lender within certain limits.loan origination fee
The lender requires a loan origination fee (or points) to cover the
direct costs of arranging the loan.
loan term
The time
set by a lender for a buyer to pay a mortgage. Most conforming loans have
30-year or 15-year terms. In the case of balloon loans, payments are based on
the amortization period and a final payment due at term.loan type
The type of
loan determines its borrowing limit, down payment requirements, and qualifying
rules. Available loan types include conforming, jumbo, FHA, and
VA.
loan-to-value ratio (LTV)
The ratio of the total loan amount to the value of the property.
For lending purposes, the value is equal to the purchase price or the appraised
value, whichever is lower.local improvement district (LID)
A legal district established by state law to benefit a specific
area. Districts issue bonds to finance improvements such as sidewalks and sewer
systems, then levy assessments on real estate in the affected area to repay
funds.
lock-in
A lender's
commitment to a borrower to guarantee (or "lock in") a specific interest rate
for a limited amount of time.lock-in period
A
period of time during which the borrower is guaranteed an agreed-upon interest
rate, even if market rates rise. The longer the period, the higher the cost (in
points) to the borrower.
loft
A living space
not partitioned into rooms or a small space built above a larger
room.log cabin
Homes
constructed of rough-hewn timbers; a standard form of housing during the
settlement of the United States.
louvers
Slatted
panels mounted in the upper portion of a gable wall to provide attic
ventilation.low density
A low
concentration of housing units in a specific area.
low down-payment loan
A home loan that requires the borrower to make only a small down
payment before obtaining the financing needed to purchase a
house.low-documentation loan
A mortgage that requires only minimal verification of income and
assets.
low-emissivity
A
coating or film applied between panes of glass in high-efficiency glazing;
abbreviated "low-E."lowball offer
An
offer made to a seller that is substantially below market
value.
LTV (loan-to-value ratio)
The ratio of the total loan amount to the value of the property.
For lending purposes, the value is equal to the purchase price or the appraised
value, whichever is lower. |
