Betty Goyens, Your Malibu Agent

L

Lock

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Lender’s guarantee that the mortgage rate quoted will be good for a specific number of days from day of application.

Loan-to-Value (LTV) Ratio

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The ratio of the amount of money owed on a home to the home’s value. The LTV ratio for a $100,000 home financed with a $90,000 mortgage would be 90 percent, for example.

Loan

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A sum of borrowed money (principal) that is generally repaid with interest.

Listing

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A property placed on the market by a listing agent.

Lifetime Rate Cap

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For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease over the life of the loan.

Lifetime Payment Cap

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For an adjustable-rate mortgage, a limit on the amount that payments can increase or decrease over the life of the mortgage.

Lien

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A claim upon a piece of property for the payment or satisfaction of a debt or obligation.

Liabilities

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A person’s financial obligations. Liabilities include long-term and short-term debt.

Lease-Purchase Mortgage Loan

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An alternative financing option that allows low- and moderate-income homebuyers 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 [...]

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