LISTING INFO 

Lock-In Rate A written agreement guaranteeing a specific mortgage interest rate for a certain amount of time.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Loan-To-Value (LTV) Ratio The relationship between the loan amount and the value of the property (the lower of appraised value or sales price), expressed as a percentage of the property’s value. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80...

Closing COSTS The upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee,...

Loan Origination Fees Fees paid to your mortgage lender or broker for processing the mortgage application. This fee is usually in the form of points. One point equals one percent of the mortgage amount.  Real estate words and definition For other words and...

Loan Origination The process by which a loan is made, which may include taking a loan application, processing and underwriting the application, and closing the loan.  Real estate words and definition For other words and definitions related to real estate auctions...

Liquid Asset A cash asset or an asset that is easily converted into cash.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Closing Agent The person or entity that coordinates the various closing activities, including the preparation and recordation of closing documents and the disbursement of funds. (May be referred to as an escrow agent or settlement agent in some jurisdictions.)...

Lifetime Cap For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.  Real estate words and definition For other words and definitions related to real estate...

Closing The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as “escrow,” a process...

Lien A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don’t make the mortgage payments.  Real estate words and definition For other words and definitions related to real...

Clear Title Ownership that is free of liens, defects, or other legal encumbrances.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

LIBOR-Index An index used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans, based on the average interest rate at which international banks lend to or borrow funds from the London Interbank Market.  Real estate words and...

Change Orders A change in the original construction plans ordered by the property owner or general contractor.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Liability Insurance Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Chain of Title The history of all of the documents that have transferred title to a parcel of real property, starting with the earliest existing document and ending with the most recent.  Real estate words and definition For other words and definitions related to...

Liabilities A person’s debts and other financial obligations.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Certificate of Deposit A document issued by the U.S. Department of Veterans Affairs (VA) certifying a veteran’s eligibility for a VA-guaranteed mortgage loan.  Real estate words and definition For other words and definitions related to real estate auctions For...

Lease-Purchase Option An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down...

Fixed-Period Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Also known...

First-Time Home Buyer A person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property.  Real estate words and definition For other words and definitions related to real estate auctions For...