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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Lease Purchase
Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.
 
Leasehold
Commonly used to mean when a tenant leases or rents a part of real property for a fixed term, such as an apartment or house. Considered in many states to be personal property.Technically, when an owner of a piece of real property enters into a very long term lease (usually 99 years) to a user who has a “leasehold estate” in the property. After the lease term, the ownership with all improvements returns to the owner.
 
Lender
Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees and beneficiaries under deeds of trust.
 
Lender Buydown
A particular form of convertible mortgage offering a discounted interest rate at the beginning of the loan that gradually increases during the first few years of the loan. It provides lower initial payments and a stable final monthly rate, but the final rate may be somewhat higher than on a standard fixed rate mortgage. See Buy-down.
 
Liability Insurance
Insurance protection against claims alleging negligence or an action, which resulted in bodily injury or property damage to another party. It is included in most homeowner’s policies.
 
Lien
A legal claim against a property for money, such as a mortgage or a workman’s claim. In general, liens must be paid off prior to title transfer.
 
Life Cap
For an Adjustable Rate Mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.
 
Line of Credit
An agreement to extend credit to a borrower under specified conditions. See Home Equity Line Of Credit (HELOC)
 
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
 
Loan Origination Fee
See Origination Fee
 
Loan Servicing
The process of collecting and managing monthly payments. Often a separate company, a loan servicer processes the payments, sends statements, manages the escrow/impound accounts, and makes sure that taxes and insurance premiums made on time.
 
Loan-to-Value (LTV) Ratio
The percentage relationship between the amount of the loan and the appraised value or sales price, whichever is lower.
 
Lock in
An agreement in which the lender guarantees a specified interest rate for a certain amount of time. Extended lock in periods usually incurs an additional fee.
 
Loss mitigation
A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan
 
LTV
See Loan-to-Value (LTV) Ratio
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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