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- Land Contract:
An agreement to transfer title to a property once conditions of the contract have
been fulfilled.
- Leasehold:
An estate or interest in real property held by a lease.
- Lease-Purchase:
Also referred to as a lease with option to buy. Acquiring ownership of real estate
through gradual payments under which a lease is substituted for a mortgage obligation.
- Legal Description:
A property description recognized by law, that provides sufficient information
to locate and identify the subject.
- Lender:
The entity that invests in or originates mortgage loans.
- LIBOR:
The London Interbrain Offered Rate. The rate at which banks in the foreign market
lend dollars to one another.
- Lien:
A legal hold or claim on property as security for a debt or charge.
- Life of Loan Cap:
Also called Lifetime Cap. The maximum interest rate that can be charged during
the life of the loan.
- Lis Pendens:
A notice recorded in the official records of a county to indicate that there is
a pending suit affecting land within the jurisdiction.
- Loan Commitment:
A written promise to make a loan for a specified amount of specified terms.
- Loan Submission:
A package of documents regarding a specific property, delivered to a prospective
lender to obtain financing.
- Loan-To-Value Ratio (LTV):
The relationship between the mortgage and the lesser of the price or appraised
value of the property, expressed as a percentage.
- Lock:
The number of days, during which a lender will guarantee a rate.
- Lock-In:
The act of committing to a mortgage rate. Opposite of float.
- Loss Payee Clause:
The party to whom insurance proceeds are paid in the event of damage to property
in which the loss payee has an insurable interest.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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