fbpx

Glossary

Knowledge is power and there’s no difference when it comes to obtaining a home loan! To help you on the journey to becoming an educated borrower, we’ve created this glossary of terms you’ll need to know during your home loan process.

 

All | # 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
There are 4 names in this directory beginning with the letter L.
Lender
A lender is any organization, individual, or public group that makes funds available with the stipulation that the funds will be repaid, with interest or other fees, as a monthly payment or as a lump sum

Lien
A lien is a legal right to the possession of a property owned by another person until a debt owed by that person is paid or discharged.

Loan Application
A loan application is a document the provides information, financial and otherwise, about the borrow that lenders use to make a decision about whether or not to lend money to the borrow.

Loan-to-Value Ratio (LTV)
The loan to value ratiois the relationship between the loan amount and the value of the property expressed as a percentage of the property’s value.