Northeast Funding Services

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Mortgage Glossary – L

Mortgage Glossary – L

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

Late Charge
A fee imposed on a borrower for not paying on time.
Late Payment
A sum a borrower sends to a lender that is received past the date when it was due.

Lender 
The bank, mortgage company or mortgage broker offering the loan.

Letter of Intent
A formal notification that a buyer intends to buy a property. It is not legally enforceable.

Lien 
A legal claim by one person on the property of another for security for payment of a debt or for services rendered.

Loan Application 
An initial statement of personal and financial information required to apply for a loan.

Loan Application Fee 
Fee charged by a lender to cover the initial costs of processing a loan application. The fee can include the cost of obtaining a property appraisal and a credit report.

Loan Commitment
A lender’s promise to advance a specific sum on specific terms.

Loan Origination Fee 
Fee charged by a lender to cover administrative costs of processing a loan.

Loan-to-Value Ratio (LTV)
The percentage of the home’s price that is paid for by a mortgage.

Lock or Lock-In 
A lender’s guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.

Lowball Offer
A way-below-market bid a buyer makes on a property or item.

 

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

Purchase Pre-Qualify

Keep the dream alive by getting pre-qualified before you start looking for a home.

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VA Home Loans

100% Financing may be an option if you're a United States Veteran, Service Member, or not remarried spouse.

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Refinance / Debt Consolidation

Using the equity in your home to payoff other bills or needs is a great option.

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Reverse Mortgages

Stop fighting to stay afloat. Use the reverse mortgage to give you quality of life and eliminate your mortgage payment and other bills.

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Recent Posts

VA home loans for United States veterans offered by Northeast Funding Services

VA Loans: 10 Things To Know About The 100% Mortgage Program

VA Home Loans: A Benefit You’ve Earned

Reverse mortgage loans are provided by Northeast Funding Services

Reverse Mortgage Counseling

Reverse mortgage loans are provided by Northeast Funding Services

Are there different types of reverse mortgages?

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New York

125 Wolf Road
Suite 217
Albany, NY 12205

518-782-1855

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South Carolina

638 E. Point Dr
Gilbert, SC 29054

803-239-4848

Registered Mortgage Broker New York Department of Financial Services, and South Carolina Department of Consumer Affairs NMLS ID#46813. Loans provided through third party providers.

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