InCharge Housing Counseling

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InCharge Housing Counseling!
   Are you looking to buy a home or already own a home and are experiencing a financial crisis? Are you a prospective landlord looking for information on how to get started financially? We Can Help!   

Mortgage Glossary

J

Jumbo Loan
A jumbo loan is a loan that exceeds the statutory size limit eligible for purchase or securitization by federal agencies.

L

Lease-Purchase
This is a method of purchasing property by making gradual payments over the required rent for a set period. At the end of this period, the renter uses a mortgage loan to finance the purchase of the property.
Lender
A lender is a financial institution or agency that loans you money.
Lien
A lien is a legal hold or claim of a creditor on the property of another as security for a debt. Liens are always against property, usually real property.
Loan Origination Fee
This is a fee charged by lenders to prepare documents, make credit checks, inspect, and sometimes appraise property. It is usually stated as a percentage of the face value of the loan.
Loan Servicing
Loan servicing, simply stated, is the management of a loan. It includes collection of loan payments, management of escrow accounts, and disbursements from escrow accounts.
Loan-to-Value Ratio (LTV)
LTV is the ratio of the amount borrowed compared to the appraised value or sales price of real property. LTVs are expressed as percentages.
Lock-In Period
The number of days during which a lender guarantees a borrower a specific interest rate and terms on a mortgage.

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Suite 150, Columbia, MD  21045-2016
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