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News and Resources

  • 08/18/2010
    -Mortgage Network Expands Across Mid-Atlantic Region Read More
  • 07/22/2010
    -John Holian Joins Northeast Association of Retarded Citizens Board for Second Term Read More
  • 07/22/2010
    -Mortgage Network Hosts Charity Golf Tournament & Casino Night to Benefit Friends Of Ari Shumbres Read More
  • 07/01/2010
    -Mortgage Rates Again Hit New Low Read More
  • 07/01/2010
    -Mortgage Loan Rates Fall to New Low Read More

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“For many like us the whole mortgage process can be quite confusing but Mike Elias made everything painless. He made such an effort to meet us at all times and locations that were convenient for us and was available at all hours to answer all our many questions. The customer service we received was outstanding. Buying a house is stressful enough. It really helped to have someone there every step of the way.”

–Ronan & Debbie | Customer

Glossary

We’ve put together an extensive glossary of terms used in the mortgage lending business. If you’re not sure what a particular term means, click to find the definition in our glossary.

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

L

Late Charge
The penalty a borrower must pay when a payment is made a stated number of days (usually 10-15) after the due date.
Lease
A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may use the real estate for a specified period of time and the amount of rent to be paid.
Leasehold Estate
A tenant's interest in or right to hold possession of a property.
Legal Description
A property description, recognized by law, using a government rectangular survey, metes and bounds, or a plat map to sufficiently locate and identify a property.
Lender's Fees
Fees paid to the lender to cover costs associated with processing, underwriting and closing of the loan.
Liabilities
A person's debts or financial obligations. Liabilities include long-term and short-term debt, as well as potential losses from legal claims.
Liability Insurance
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. See also homeowners insurance.
Lien
A legal claim against a property that must be paid off when the property is sold. A lien is created when you borrow money to purchase or refinance a home loan or and with obtain a home equity loan.
Lifetime Rate Cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap.
Line/Loan Amount
The entire HELOC or Fixed Rate Second mortgage loan amount.
Line Of Credit
An agreement by a lender to extend credit up to a certain amount for a certain time without the need for the borrower to file another application. See home equity line of credit.
Liquid Asset
A cash asset or an asset that is easily converted into cash.
Loan Amount
A sum of borrowed money (principal) that is generally repaid over time with interest.
Loan Commitment
A lender's agreement to advance money on specified terms after specified conditions are met. See commitment letter.
Loan Origination
The process by which a mortgage lender makes a home loan and records a mortgage against the borrower's real property as security for repayment of the loan.
Loan-To-Value (LTV) Ratio
The ratio of the total amount borrowed on a mortgage against a property compared to the appraised value of the property. For example, if you have an $80,000 1st mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000 = 80%).
Lock-In
A written agreement in which the lender guarantees a specified loan program interest rate and points if a mortgage goes to closing within a set period of time.
Lock-In Period
The time period during which the lender has guaranteed an interest rate to a borrower. See lock-in.
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