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Glossary of terms used on this site

There are 84 entries in this glossary.

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L

Term	Definition
Lender	A term that can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
Lien	A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
Loan Servicing	After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.
Lock-in	An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
Lock-in Period	The time period during which the lender has guaranteed an interest rate to a borrower.

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