Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are currently 5 names in this directory beginning with the letter L.
A legal claim against property that must be satisfied when the property is sold. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.
The guarantee of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate.
A limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM).
The capability of an asset to be readily converted into cash.
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.