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Local Business Watch: Rural development chief Dorr resigns from USDA - Des Moines RegisterFormer Iowa farmer Tom Dorr is stepping down Dec. 1 as the U.S. Department of Agriculture's undersecretary for rural development. Dorr's term would have expired when President Bush leaves office in January. Agriculture Secretary Ed Schafer said Dorr ...
Caught in the Crunch: It’s a buyer’s market - Plymouth BulletinWhile politicians and financial gurus twist and tweak master plans to rescue the economy, many of the explanations the experts offer fall far outside the experience and expertise of the average American. But some of the day-to-day implications of all ...
Today's Mortgage Terms starting with L
Lender: The bank, mortgage company or mortgage broker providing the loan.
Loan Application: A statement of personal and financial information needed to apply for a loan.
Loan Application Fee: A fee applied by a lender to cover the initial costs of putting through a loan application. The fee could include the cost of getting a property appraisal, a credit report and a lock-in fee and other closing costs incurred to complete the transaction.
Loan Origination Fee: Fee charged by a lender for the administrative costs of processing a loan.
Loan to Value Ratio (LTV): The balance of the mortgage outstanding as a percentage of the home's price.
Lock or Lock In: A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.
View all Terms