Glossary of terms used on this site
There are 105 entries in this glossary.L
| Term | Definition |
|---|---|
| Loan Commitment |
See COMMITMENT. |
| Loan Modification |
A permanent change in one or more of the terms of a mortgage loan, allows the loan to be reinstated, and results in a payment the borrower can afford. Changes may include lowering the interest rate, forgiving delinquent interest, or any other change to help the borrower cure the default. |
| Loan Origination Fee |
A fee, usually expressed in points, paid to the retail lender for services. |
| Loan-to-Value Ratio (LTV) |
The ratio of the amount of money you borrow compared to the value of the property. For example, if you put 5% down you will have a loan that is 95% of the value of the property or an LTV of 95% (loan amount / property value=LTV). |
| Locked-in-Rate |
The interest rate on a mortgage loan that the lender has agreed to, if the loan closes within a specified time. |