LISTING INFO 

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 For all active auctions, and...

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: 411@myersjackson.com Phone: +1-844-400-2828...

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.) Typically, the closing is conducted...

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 auctions For all active auctions,...

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 by which a buyer and seller...

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 estate auctions For all active...

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: 411@myersjackson.com Phone:...

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 definition For other 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 ContactGet InTouchEmail:...

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 active auctions, and properties for...