Consumer Credit terms starting with L

9 terms

1. Late payment A late payment is your failure to make at least the minimum payment so that it reaches us by or before the time and due date on your bill.
2. Late-payment fee A fee charged if your payment is received after the due date.
3. Liable Responsible or answerable by law; legally obligated.
4. Listing Broker This is the real estate broker that represents the sellers. They will market the property to bring buyers, which in turn bring offers to the seller.
5. Loan Origination Fees Fees charged by the lender for processing the loan and which are often expressed as a percentage of the loan amount.
6. Loan Term The period of time between the start date and the termination date of a note or mortgage.
7. Loan-to-Value Ratios (LTV) The ratio of mortgage amount to value or sales price of a home. (Mortgage amount divided by value or sales price.).
8. Loan/Mortgage Broker An organization that provides (or offers to provide) the service of improving your credit record, obtaining a loan for you, or providing advice or…
9. Locking Your Interest rate on a mortgage loan request for a specified period of time.