Terms with Tag Mortgage
- LeRoy Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Lethbridge Legion Savings & Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Level Payment — Definition,
- A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
- Leveraged Property — Definition,
- A property financed with mortgage debt.
- Libro Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Lien Holdback — Definition,
- The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Loan / Purchase / Qualification (LPQ) — Acronym, Important, ➥ CanEquity Mortgage term.
- Loan Application — Definition,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Loan Application Fee — Definition,
- A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
- Loan Commitment — Definition,
- A lender's promise to advance a specific sum on specific terms.
- Loan Origination — Definition,
- The process of applying for a loan and the handling of that application by a lender.
- Loan Origination Software (LOS) — Acronym,
- Loan Processing — Definition,
- The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
- Loan Servicing — Definition,
- Supervising a loan after it has been made. This could involve collecting payments, keeping accounting records, computing interest and principal, etc.
- Loan Term — Definition,
- The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
- Loan-to-Value (LTV) — Acronym, Very Important,
- The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
➥ A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters. - Local Taxes — Definition,
- Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
- Lock-in — Definition,
- A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.
- Low Document Transfer (LDT) — Acronym, Very Important,
- Low-documentation Loan — Definition,
- A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
- Low-down Mortgages — Definition, Important,
- Mortgages with a low down payment, usually less than 10 percent.
- Low-down-payment Loan — Definition,
- A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.
- LPQ Amount — Definition,
- A term used by CanEquity which is short for Loan, Purchase or Qualification amount.
- Luminus Financial — Company Est. 2011, Ontario, Canada, ➥ Formerly Starnews Credit Union which was established in 1951. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Lump Sum Payment — Definition,
- One-time single-sum payment or payout.
- An extra payment made to reduce a loan.
- Luseland Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Macklin Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Margin — Definition,
- The difference between the cost and the selling price.
- Expressed as percentage points, the amount that a lender adds to an index to arrive at the final interest rate. For example, if the index is 9 percent and the margin 2.75 percent, the final interest rate is 11.75 percent.
- Margosa Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
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