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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
I
Index.
a measurement used by lenders to determine changes to
the Interest rate charged on an adjustable rate mortgage
or home equity line of credit.
Inflation:
the number of dollars in circulation exceeds the amount
of goods and services available for purchase; inflation
results in a decrease in the dollar's value.
Insurance:protection against a specific loss over a
period of time that is secured by the payment of a
regularly scheduled premium.
Interest rate:the amount of interest charged
on a monthly loan payment; usually expressed as a
percentage.
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Online Loan Glossary
J
Jumbo Loan: A loan above $300,700. These limits are
set by the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation. Because jumbo
loans cannot be funded by these two agencies, they
usually carry a higher interest rate.
Judgment:
a legal decision; when requiring debt
repayment, a judgment may include a property lien that
secures the creditor's claim by providing a collateral
source.
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Online Loan Glossary
L
Lease purchase: assists low- to moderate-income
homebuyers in purchasing a home by allowing them to
lease a home with an option to buy; the rent payment is
made up of the monthly rental payment plus an additional
amount that is credited to an account for use as a down
payment.
Lender: The bank, mortgage company, or mortgage
broker offering the loan. Many institutions only
"originate" loans and then resell the obligation to
third parties.
Lien: a legal claim against property that must
be satisfied When the property is sold.
Life of Loan Cap: The maximum interest rate that
can be charged during the life of the loan. Also called
Lifetime Cap. This value is often expressed as an
increment above the initial loan rate. For example, an
adjustable rate loan with an initial rate of 7.25% and a
6% lifetime
Loan fraud:
purposely giving incorrect information on
a loan application in order to better qualify for a
loan; may result in civil liability or criminal
penalties.
Loan: money borrowed that is usually repaid
with interest.
Loan-to-value (LTV) ratio:
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.
Lock-in: since interest rates can change
frequently, many lenders offer an interest rate lock-in
that guarantees a specific interest rate if the loan is
closed within a specific time.
Lock noun: The period, expressed in days, during
which a lender will guarantee a rate. Some lenders will
lock rates at the time of application while others will
allow the borrower to lock the rate after the
application is taken.
Lock verb:
The act of committing to a mortgage rate.
This action, taken by a borrower some time between
application and the closing dates, is sometimes
accompanied by a payment by the borrower to the lender.
Opposite of float.
Loss mitigation: a process to avoid foreclosure;
the lender tries to help a borrower who has been unable
to make loan payments and is in danger of defaulting on
his or her loan.
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