Glossary

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

lender
The bank, mortgage company, or mortgage broker offering the loan.
Learn More >>

LIBOR
LIBOR stands for London Inter-Bank Offered Rate.
Learn More >>

lien
An encumbrance against property for money due, either voluntary or involuntary.
Learn More >>

lifetime cap
A provision of an adjustable that limits the maximum interest rate that can occur over the life of the loan.
Learn More >>

loan to value ratio (LTV)
The unpaid principal of a mortgage divided by the property's appraised value.
Learn More >>

lock period
The length of time a lender will guarantee a loan's interest rate once a borrower has locked in the interest rate on a loan, usually for 30, 45 or 60 days.
Learn More >>

lock-in
A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time.
Learn More >>