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| LALLY COLUMN :
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| A concrete filled steel pipe used to support beams. |
| LATE CHARGE :
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| An extra charge, or penalty added to a regular mortgage payment when the payment is made late by an amount of time specified in the original loan document. |
| LATENT DEFECTS :
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| Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects. |
| LEASE :
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| A contract between a property owner and a tenant specifying the payment amount, terms and conditions, as well as the length of time the contract will be in force. |
| LEASE OPTION:
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| A lease agreement that gives the tenant an option to buy the property. Usually, a portion of the regular monthly rent payment will be applied towards the down payment. |
| LEASEHOLD ESTATE :
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| A type of property ''ownership'' where the buyer actually has a long-term lease on the property. |
| LEGAL DESCRIPTION :
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| The description of a piece of property, identifying its specific location in terms established by the municipality or other jurisdiction in which the property resides. Often related in specific distances from a known landmark or intersection. |
| LENDER:
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| The person or entity who loans funds to a buyer. In return, the lender will receive periodic payments, including principal and interest amounts. |
| LIABILITIES :
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| A person's outstanding debt obligations. |
| LIABILITY INSURANCE:
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| Insurance that covers against potential lawsuit brought against a property owner for alleged negligence resulting in damage to another party. |
| LIEN :
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| Any claim against a piece of property resulting from a debt or other obligation. |
| LIFE CAP:
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| A limit on how far the interest rate can move for an Adjustable Rate Mortgage. |
| LIKE-KIND PROPERTY:
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| Any property which is substantially similar to another property. |
| LINE OF CREDIT:
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| An extension of credit for a certain amount for a specific amount of time. To be used by the borrower at his discretion. |
| LIQUID ASSET :
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| Any asset which can be quickly converted into cash at little or no cost, or cash itself. |
| LOAN :
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| Money borrowed, to be repaid with interest, according to the specific terms and conditions of the loan. |
| LOAN OFFICER :
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| A person that "sells" loans, representing the lender to the borrower, and the borrower to the lender. |
| LOAN ORIGINATION:
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| How a lender refers to the process of writing new loans. |
| LOAN SERVICING :
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| The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to. |
| LOAN-TO-VALUE RATIO (LTV) :
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| The comparison of the amount owed on a mortgaged property to its fair market value. |
| LOCK-IN :
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| An agreement between a lender and a borrower, guaranteeing an interest rate for a loan if the loan is closed within a certain amount of time. |
| LOCK-IN PERIOD :
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| The amount of time the lender has guaranteed an interest rate to a borrower. |
