Land Undeveloped land.
Land Burden An agreement granting limited permission to use the property. See   SERVITUDE
Land Contract An installment contract for sale with the buyer receiving equitable title and the seller retaining legal title.
Land Loans Land loans are the perfect way to buy a piece of land now and build later.  With the rises prices of real estate in general, land has also seen a dramatic increase in equity over the years.  You may be ready to build a new home now or maybe 2-3 years down the road.  Drew Mortgage can provide financing for land loans with attractive terms and low down payments.
Lease Option to Purchase A lease containing a clause that allows the tenant the right to purchase the property under specified conditions.
Leasehold A tenant's right to occupy real estate during the term of the lease. This is a personal property interest.
Leasehold Estate A kind of real estate ownership through which the property owner doesn't hold title to the property , but instead has use of the property subject to the terms of the lease. See  ESTATE (REAL PROPERTY)
Legal Description A method of geographically identifying a parcel of land that is acceptable in a court of law.
Legal Title The manner in which property ownership is recorded with the county in which the property is located . See VESTING
Less than Perfect Credit Drew Mortgage has a vast array of loan programs for every type of borrower.  We understand not everyone will have a perfect credit history and life situations happen that cause credit problems.  We are here to help!!  We have programs for purchasing a new home, refinancing the one you’re in to take cash out to consolidate those debts, for home improvements or just about anything.  We allow higher loan to values than most lenders and will even do the loans on low doc type loans.  If the loan makes sense- we are usually able to approve it.
Liabilities The debts of a person or business.
Libor An acronym for London Interbank Offered Rate, one of several published indices. It's the average rate of interest that major London banks charge as they lend to one another.
Lien A secured financial interest or legal encumbrance on a property. For example, a secured loan appears as a lien on the property's title report. See INVOLUNTARY LIEN, VOLUNTARY LIEN
Lien Position The order in which liens will be repaid when the property is transferred to a new owner.
Lifetime Cap This is the cap that limits how high an interest rate can increase over the life of an adjustable-rate mortgage loan . Example: Start rate + 6% = lifetime Cap.
Lines of Credit A type of mortgage loan from which borrowers can write a check or draw funds. Some lines of credit are also balloon loans. Usually the borrower is given 5 to 10 years to use the line of credit. After this period, many lines of credit require the borrower to pay the loan in full. Others may require the loan to be paid in full over the next 10 to 15 years.
Liquid Assets Cash or assets, such as checking/savings accounts, stocks/bonds, that are immediately convertible to cash.
Lis Pendens A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally "suit pending"; usually recorded so as to give constructive notice of pending litigation.
Loan Amount The amount of money originally lent to a borrower.
Loan Application (1003) The form potential customers must complete to apply for a home loan. This application is commonly referred to as "the 1003" and is produced by the Federal government. See 1003
Loan Risk The risk category assigned to a loan, which estimates the probable risk of delinquency and loss in the future.
Loan Term The loan term is the period of time over which the loan will be paid. First mortgage loans typically have terms of 30, 20 or 15 years.
Loan to Value Ratio (LTV) The loan amount in relationship to the appraised value or selling price expressed as a percentage.
Long-term Rate Lock Lock in today’s rate for up to 360 days while your new home is under construction.
Loss Payable Clause A clause in an insurance policy listing the priority of claims in the event of destruction of the property insured. Generally, a mortgage or beneficiary under a deed of trust is the party appearing in the clause, being paid up to the amount owing under the mortgage or deed of trust before the owner is paid.

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