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Laguna Beach Mortgage 949-495-5885 |
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Mortgage Glossary |
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Use this glossary to look up definitions of mortgage terms. The definitions given here explain how the terms are used in the field of real estate finance. |
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Lease A contract in which one party (the tenant) pays the other (the landlord) rent in exchange for the possession of real estate. |
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Lease/Option A lease that includes an option to purchase the leased property during the term of the lease. |
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Lease/Purchase
Contract A variation on the lease/option, in which the parties sign a purchase contract (instead of an option) and the prospective buyer leases the property for an extended period before closing. |
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Liability A debt or obligation; legal responsibility. |
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Lien A claim upon a piece of property for the payment or satisfaction of a debt or obligation. |
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Listing A contract between a real estate broker and a property seller, by which the seller makes the broker his or her agent in order to put the property up for sale. |
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Loan Origination Fee The fee charged by a lender to prepare all the documents associated with your mortgage. |
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Loan-to-Value Ratio
(LTV) The relationship between the loan amount and either the sales price or the appraised value of the property (whichever is less), expressed as a percentage. |
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Lock-In When a lender guarantees a loan applicant a particular interest rate if the transaction closes within a specified period. |
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