To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| joint tenancy |
| A form of co-ownership where each party has equal ownership in the property, including the right of survivorship. |
| judgment lien |
| A lien on the property of a debtor resulting from the decree of a court. |
| judicial foreclosure |
| A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure |
| jumbo loan |
| A loan that exceeds Fannie Mae's legislated mortgage amount limits. Also called a nonconforming loan. A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans. Jumbo LoanA loan above the limits are set by the Federal National Mortgage Association and the FederalHome Loan Mortgage Corporation. They are also referred to as nonconforming loans. |
| Landscape (htm) |
| Select
to set the print orientation as landscape, typically interpreted as
"wide. "
|
| Last Page (htm) |
| Click
to display the last page of the results.
|
| late charge |
| The penalty a borrower must pay when a payment is made a stated number of days after its due date. |
| leap year |
| Calculate leap years under a Gregorian calendar as follows: If a year is evenly divisible by 4,it is a leap year unless it is also evenly divisible by 100. If a year is evenly divisible by 100,it is not a leap year unless it is also evenly divisible by 400. |
| lease option |
| An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price |
| leasehold estate |
| A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it. |
| Left Margin (htm) |
| Enter
the left margin in tenths of an inch, or accept the default.
|
| legal description |
| A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. |
| Lender Fees |
| The total of the lender fees. |
| lender paid mortgage insurance |
| Mortgage insurance program which allows the lender to collect a higher interest rate fromthe borrower and forward the excess interest to the mortgage insurance company to pay for the mortgage insurance. |
| lenders margin |
| This is simply the profit the lender expects to receive from the loan. You can ask your lender what the margin is on an adjustable rate mortgage. Typically, lenders use a discount rate initially as a teaser rate. You must be sure to get the normal margin after the discount period is over. Level payment loan LiabilitiesA person's financial obligations. Liabilities include long-term and short-term debt, as wel las any other amounts that are owed to others. liability insurance Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy |
| Lending Limit |
| The lending limit for the area where the loan is originated. This number should be acquired from the governing (i.e. HUD or FNMA) agency. |
| Level Payment Loan (htm) |
| Select
when there will be equal payments, including principal and interest, for the
life of the loan. Level payment loans can result in a balloon payment at term
or they can be fully paid off (fully amortized).
|
| Level Payment Loan
Screen (htm) |
| Enter the terms for a level payment loan (one that has equal
payments for the life of the loan) and click Calculate. You must enter the
interest rate, periods per year, term, loan amount, prepaids, advance date, and
date of first payment or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
The fields on the screen change as you click different
options. For example, if you click Multi-Streams, the Level Payment Installment
Loan (multiple screens) fields display at the bottom of the screen. Also, if
you select any options and variations, these fields display for data entry.
|
| LIBOR / COFI Type Loan |
| TBD |
| lien |
| A legal claim against a property that must be paid off when the property is sold. |
| Life Expectancy |
| The life expectancy of the youngest borrower (in years). |
| life of loan cap |
| The maximum interest rate that can be charged during the life of the loan. Also called Lifetime Cap. This value is often expressed as an increment above the initial loan rate. For example, an adjustable rate loan with an initial rate of 7. 25% and a 6% lifetime cap willnever adjust above a rate of 13. 25% (7. 25+6. 0). |
| lifetime payment cap |
| For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage. See cap. |
| Lifetime Rate Cap |
| teslklk |
| lifetime rate cap |
| On an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap. |
| Lifetime Rate Cap (htm) |
| Enter
the maximum percentage that the initial interest rate can increase for the life
of the loan.
|
| line of credit |
| An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. See home equity line of credit. |
| Line of Credit Calculation Flag |
| This flag tells the engine whether it should be calculating the amount of a line of credit.
1 = Calculate Line of Credit. 0 = Do NOT calculate Line of Credit. |
| Linear (htm) |
| This
indicates if the deposits or withdrawals that are subject to a linear growth
rate.
|
| liquid asset |
| A cash asset or an asset that is easily converted into cash. |
| loan amount |
| The base amount the borrower has requested before the addition of any finance charges. |
| Loan Amount |
| The amount of money you intend to borrow. The purchase price less your down payment |
| Loan Amount (CON) (htm) |
| The
amount of the construction loan.
|
| Loan Amount (htm) |
| Enter
the base amount the borrower has requested before the addition of any finance
charges. You need only enter a decimal point if the base loan has odd cents.
Commas, decimal points, and trailing zeros will be entered by the system.
|
| Loan Amount (QAPR) (htm) |
| The
note amount.
|
| Loan Amount (QS) (htm) |
| Leave
this field empty to solve for the amount of the loan, when you have entered
something for the Term and Payment Amount.
|
| Loan Applicant Delinquent |
| Indicate whether you are presently delinquent, or in default on any Federal debt or any mortgage, loan, bond, financial obligation or loan guarantee. |
| Loan Application Address Line 1 |
| Enter the first line of your address, often the street number and name. |
| Loan Application Address Line 2 |
| Enter any additional address information that should appear below the main address line for example; a continuation of line one, an apartment number etc. |
| Loan Application Assets - Autos |
| Enter the current value of your auto(s). You might get this by calling your car dealer, or bank, or by using an internet source such as Kelly's or NADA. |
| Loan Application Assets - Cash Deposits |
| Enter the amount of any currency or cash on hand. |
| Loan Application Assets - Checking Account |
| Enter your checking account balance. |
| Loan Application Assets - CSV Life Insurance |
| This is the Cash Surrender Value of your life insurance. You can find the amount in the policy itself, or by contacting your insurance agent, |
| Loan Application Assets - Money Market |
| Enter the total balances of your Money Market accounts. |
| Loan Application Assets - NW Business Owned |
| Enter the net worth of any business you may own. You will also be required to furnish financial statements and/or tax returns for this business. |
| Loan Application Assets - Other Assets |
| Enter any assets. |
| Loan Application Assets - Other Real Estate |
| What is the value of other real estate you own besides your primary residence. |
| Loan Application Assets - Personal Property |
| Enter the value of all personal property such as furniture, jewelry, appliances etc. |
| Loan Application Assets - Residence |
| Enter the estimated current market value of your residence. |
| Loan Application Assets - Savings Account |
| Enter your total on-hand cash reserves. |
| Loan Application Assets - Stocks & Bonds |
| Enter the current value of any Stocks or Bonds you own. |
