- lien
- An
encumbrance against property for money due, either
voluntary or involuntary.
-
- lifetime
cap
- A
provision of an ARM that limits the highest rate
that can occur over the life of the loan.
-
-
loan to value ratio (LTV)
- The
ratio of the amount of your loan to the appraised
value of the home. The LTV will affect programs
available to the borrower and generally, the lower
the LTV the more favorable the terms of the programs
offered by lenders.
-
lock-in - A
written agreement guaranteeing the home buyer a
specified interest rate provided the loan is closed
within a set period of time. The lock-in also usually
specifies the number of points to be paid at closing.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
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