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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Late Charge The penalty a borrower must pay when a payment is made 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 home buyers to lease a home 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 accumulates in a savings account for a down payment.
Lender The bank, mortgage company or mortgage broker offering a loan
Liabilities A person's financial obligations. Liabilities include long-term and short-term debt
LIBOR (London Interbank Offered Rate) The interest rate charged among banks for short-term Eurodollar loans, and a common index for ARMs
Lien A claim by one person on the property of another for payment of debt
Lifetime Payment Cap For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage
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
Liquid Asset A cash asset or an asset that is easily converted into cash
Loan A sum of borrowed money (principal) that is generally repaid with interest

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