L Mortgage Terms | Oconee County Real Estate
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Late Charge
The penalty a borrower must pay when a payment is made
more than a stated number of days (usually 15) after
the due date.
Lease-Purchase
Mortgage Loan
An alternative financing option that allows low- and
moderate-income homebuyers to lease a home from a nonprofit
organization 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 is earmarked for deposit to a savings account
in which money for a down payment will accumulate.
Legal Description
A property description, recognized by law, that is sufficient
to locate and identify the property without oral testimony.
Liabilities
A person's financial obligations. Liabilities include
long-term and short-term debt, as well as any other
amounts that are owed to others.
Lien
If you don't pay your taxes or pay for the construction
work on your property, the tax agency or the construction
company can file a lien against your home. Until you
pay these bills you won't be able to refinance or sell
your property without eliminating the lien.
Loan
A sum of borrowed money (principal)
that is generally repaid with interest.
Loan to Value Ratio (LTV)
A ratio determined by dividing the sales price or appraised
value into the loan amount, expressed as a percentage.
For example, with a sales price of $100,000 and a mortgage
loan of $80,000, your loan to value ratio would be 80%.
Loans with an LTV over 80% may require
Private Mortgage Insurance, defined below.
Lock or Lock
In
A commitment you obtain from a lender assuring you a
particular interest rate or feature for a definite time
period. Provides protection should interest rates rise
between the time you apply for a loan, and subsequently
close the loan.
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