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| L |
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| Late Charge |
| The penalty a borrower must pay when a payment is
made a stated number of days (usually 15) after the due date. |
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| Lease-Purchase Mortgage Loan |
| An alternative financing option that allows low
and moderate income home buyers to lease a home with an option to buy. Each
month's rent payment consists of principal, interest, taxes and insurance
(PITI) payments on the first mortgage plus an extra amount that accumulates in
a savings account for a down payment. |
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| Liabilities |
| A person's financial obligations. Liabilities
include long term and short term debt. |
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| Lien |
| A claim upon a piece of property for the payment
or satisfaction of a debt or obligation. |
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| Lifetime Payment Cap |
| For an adjustable rate mortgage (ARM), a limit on
the amount that payments can increase or decrease over the life of the
mortgage. |
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| Lifetime Rate Cap
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| For an adjustable rate mortgage (ARM), a limit on
the amount that the interest rate can increase or decrease over the life of the
loan. See cap. |
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| Loan |
| A sum of borrowed money (principal) that is
generally repaid with interest.
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| Loan to Value Ratio |
| The relationship between the amount of the
mortgage loan and the appraised value of the property expressed as a
percentage. |
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| Lock |
| Lender's guarantee that the mortgage rate quoted
will be good for a specific number of days from day of application. |
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