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Houston Mortgage > Glossary >
Debt Management > L 1-10
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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.
Late payment fee
Charge imposed on a debtor for not paying on time.
Liabilities
A borrower's debts and legal obligations.
Line of credit
A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
Liquid assets
Cash and other property that can be converted quickly and easily into cash.
Liquidity
The ability to convert assets to cash quickly, without significant losses.
Loan application
A document in which a prospective borrower details his or her financial situation to qualify for a loan.
Loan application fee
A sum charged by a lender for accepting a document in which a prospective borrower details his or her financial situation to qualify for a loan.
Loan commitment
A lender’s promise to advance a specific sum on specific terms.
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