HELOC EXPERT GLOSSARY

Glossary: L

Browse terms beginning with L and move through the full A–Z home-equity and mortgage glossary.

Terms Starting with L

Each letter has its own permanent glossary page for easier browsing and linking.

Property coverage designed for rental property exposures rather than owner-occupied homeowner risks.

A fee that may be assessed when a payment is not received within the contractual grace period.

A contract defining the terms under which a tenant occupies rental property and pays rent.

A credit from the lender that offsets eligible closing costs, usually in exchange for loan pricing considerations.

A legal claim or security interest against property securing an obligation.

The priority order in which liens are generally paid or enforced against a property.

A document or recorded action showing that a secured obligation has been satisfied and the lien removed.

The maximum rate increase allowed over the life of certain adjustable-rate products.

Limited liability company, a legal entity sometimes used to hold investment real estate.

A federal disclosure used for many closed-end mortgage transactions that summarizes estimated loan terms and closing costs.

An agreed change to existing loan terms intended to address payment or servicing circumstances.

The period over which a loan is scheduled to be repaid or remains in effect.

A leverage ratio comparing a loan amount with total project or acquisition cost.

A loan balance or loan amount divided by the property value, usually expressed as a percentage.