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lien An encumbrance against property for money due, either voluntary or involuntary. lender The bank, mortgage company, or mortgage broker offering the loan. lifetime cap A provision of an ARM that sets the highest rate that can occur over the life of the loan. |
liquid asset
A deposit of funds that can easily be made available as cash.
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 lenient the lender may be in the approval process.
lock period
The amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time, usually for 30, 45 or 60 days.
