Glossary

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Term	Definition
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 also: Cap
Liquidity	The ease with which an asset can be converted into cash.
Loan Discount	See also: Points
Loan Origination Fee	See also: 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.

Last Modified: 12/11/2020 3:47 PM

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