Real Estate terms starting with L

63 terms

Land contract Same or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Land rent The rent paid on leased land; same as "ground rent."
Landmarks Law Refers to Section 3020 of the New York City Charter and Chapter 3 of Title 25 of the Administrative Code of the City of New York.
Landmarks Preservation Commission The Commission acting in its agency capacity to implement the Landmarks Law.
Landscape improvement A physical betterment of real property or any part thereof, consisting of natural or artificial landscaping, including but not limited to grade, terrace…
Late Charge The fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment.
Late Payment Charges The penalty the homeowner must pay when a mortgage payment is made after the due date grace period.
Latticework Thin strips of wood arranged in a netlike grid pattern, often set diagonally.
Leade A horizontal or vertical cylinder, usually made of metal, which carries water from the gutter to the ground.
Leaded window A window composed of small panes, usually diamond-shaped or rectangular, held in place by narrow strips of cast lead.
Lease A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
Lease Purchase (Lease Option) 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…
Lease-Purchase Option An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time.
Lender An individual or financial institution that lends money with the expectation that the money will be returned with interest.
Lender Option Commitments An agreement giving a lender the option to deliver loans or securities by a certain date at agreed upon terms.
Lender-Placed Insurance insurance placed on a home or property by a lender to protect their interest in the collateral which secures the loan.
Level payment mortgage A loan that requires the same payment each month (or other period) for full amortization.
Liabilities A person's debts and other financial obligations.
Liability insurance Insurance that pays when you are liable for injuries to other persons or damage to their property.
LIBOR-Index An index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow…
Lien Legal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
Lien Status For HMDA reporting purposes, lenders are required to report lien status for loans they originate and applications that do not result in originations…
Lien Waiver A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full.
Life Cap A limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM).
life-of-loan cap See: cap.
Lifetime Cap For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.
Light A pane of glass; a window, or a compartment of a window.
Lighting The method or equipment for providing artificial illumination.
Limited partnership A limited partnership is a financial affiliation that includes at least one general partner and a number of limited partners.
Line of Credit A pre-approved loan authorization with a specific borrowing limit based on creditworthiness.
Lintel A horizontal structural element over an opening which carries the weight of the wall above it.
Liquid Asset Liquid assets are accounts or securities that can be easily converted to cash at little or no loss of value.
Liquidity The ability of the market for a security to absorb a reasonable amount of buying or selling without major price changes.
Listing Agreement A contract between a seller and a real estate professional to market and sell a home.
Loan A transaction in which one entity, the lender, allows another, the borrower, to use property.
Loan Acceleration An acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance…
Loan Application Number A unique identifier (up to 25 characters long) that can be used to retrieve the particular loan application to which the entry relates.
Loan Application Register (LAR) also known as the HMDA-LAR, the LAR, or the Register. The term LAR refers to the loan application register format that has been prescribed for reporting…
loan discount See: points.
Loan flip The lender encourages you to get additional cash by refinancing your mortgage again and again.
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 modification An adjustment or compromise of an existing residential mortgage loan. (Excludes a refinancing transaction.)
Loan modification activities For compensation or gain, or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in Idaho.
Loan Officer A representative of a lending or mortgage company who is responsible for soliciting homebuyers, qualifying and processing of loans.
Loan Origination The process by which a lender makes a loan which may include taking a loan application, processing and underwriting the application, and closing the loan.
Loan Origination Fee See: origination fee.
Loan Origination Fees Fees charged by the lender for processing the loan and which are often expressed as a percentage of the loan amount.
Loan Purpose Indicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
Loan Servicer The company that collects monthly mortgage payments and disperses property taxes and insurance payments.
Loan to Value (LTV) Ratio in real estate lending, the outstanding principal amount of the loan divided by the appraised value of the property underlying the loan.
Loan Type Indicates whether the loan granted, applied for, or purchased was conventional, government-guaranteed, or government-insured.
Loan-to-Value Ratio (LTV) The ratio of the loan principal (amount borrowed) to the appraised value (selling price).
Lock-In The process by which a lender commits to lend at a particular rate as long as the mortgage transaction closes within a specified time period.
Lock-in agreement A written agreement guaranteeing a homebuyer a specific interest rate on a home loan provided that the loan is closed within a certain period, such as 60…
Lock-in Period The length of time that the lender has guaranteed a specific interest rate to a borrower.
Lock-In Rate A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.
Loggia 1. An arcaded or colonnaded structure, open on one or more sides, sometimes with an upper story. 2.
Loss Mitigation The full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both.
Low-Down-Payment Feature A feature of some mortgages, usually fixed-rate mortgages, that helps you buy a home with as little as a 3% down payment.
Low-income housing Housing intended to be occupied by low- or moderate-income persons that is eligible for special tax credits under the 1986 tax act.
LPC Staff The staff of the Landmarks Preservation Commission acting in the Commission's agency capacity.
LTV (loan-to-value) The relationship between the amount of money borrowed and the apparised value of the property.
Lunette A crescent-shaped or semicircular area or opening on a wall surface.