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L
lien
A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanic's lien for unpaid debt to a subcontractor.
life-of-loan cap
See: cap
liquidity
The ease with which an asset can be converted into cash
loan discount
See: points
loan origination fee
See: origination fee
loan-to-value ratio (LTV)
The relationship, expressed as a percentage, between the amount of the proposed loan and a property's appraised value. For example, a $75,000 loan on a property appraised at $100,000 is a 75% loan-to-value ratio.
lock-in
The guaranty of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate.
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