|
|
Houston Mortgage > Glossary >
Real Estate > L 1-10
|
|
Late Charge
A penalty you will have to pay if you do not make your loan payment on time. This usually is calculated as a percentage of the payment amount or a minimum dollar amount, such as 5% of the late payment, or $25.
Lender
A company or person that makes mortgage loans, such as a mortgage banker, credit union, bank, or savings and loan. Your lender's name will appear on your promissory note.
Lender Paid Compensation to Broker
This is also called the Yield Spread Premium. Fee which the lender pays to the mortgage broker for obtaining the loan for his client.
Lien
A claim (legal interest) against a home. Common types of liens include a mortgage, tax lien or judgment lien.
Line of Credit
Also called an "open line of credit" secured on your home. Often there are no closing costs involved, or the lender offers to pay all closing costs. Use like a checking account, borrowing credit over time up to your credit limit.
Loan Approval/Commitment
A lender's agreement to make a loan on particular terms, including interest rate, fees and charges.
Loan Term
Length of time until your loan is due and payable.
|
|
|
Houston Home Mortgage