Terms starting with the letters J thu L
Joint Tenancy
A type of co-ownership of real property, held by two or more persons
with all co-owners being equally entitled to the use, enjoyment, control
and possession of the land and with the right of survivorship.
Judgment
The final determination of the rights of the parties by a
court in an action before it.
Jumbo Loan
A loan which is larger than the limits set by the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation. Jumbo
loans cannot be funded by these two agencies, and usually carry a higher
interest rate. A loan which is larger than $322,700.
Land
Real property; the surface of the earth and that which is affixed to
it permanently, that which is below it, and the space above it; synonymous
with "real property", "realty", and "real estate".
Sometimes used to mean only the unimproved surface of the earth.
Landmark
In land surveys, any known conspicuous object or feature that establishes
a precise point of origin.
Lease
An agreement under which a tenant receives the possession and use
of real property for a certain period of time and the landlord receives
the payment of rent and/or the performance or other conditions.
Leasehold
An estate or right in real property held under a lease.
Legal
Description
A description recognized by law which is sufficient to locate and
identify the property without oral testimony.
Lender
The bank, mortgage company or broker assigned to review and process
the loan application and makes the home loan.
Lessee
The party who possesses a right or estate in realty, holding under
a lease; also commonly referred to as the tenant.
Lessor
The party who conveyed a right or estate in realty to the lessee
under a lease; commonly referred to as the landlord.
LIBOR
London Inter-Bank Offer Rate is the interest rate that the largest international
banks charge each other for loans.
Lien
A right given by law to a creditor to have a debt or charge satisfied
out of the real or personal property belonging to the debtor.
Life
Estate
An estate or interest in real property which is held for the duration
of the life of some certain person.
Lifetime
Cap - see Cap
Limited
agent
An agent whose duties and obligations to a principal are only those
set forth in Colorado Revised Statutes 12-61-804, 12-61-805, or 12-61-806,
with any additional duties and obligations agreed to pursuant to section
12-61-803 (5).
Line
of Credit
A loan with a maximum credit limit that allows the borrower(s) to disburse
funds up to the maximum credit line as needed. Funds may be disbursed
repeatedly as the principal balance is paid down up to the maximum credit
limit available. A line of credit functions similar to a credit
card and may be accessed by writing a check or a using a debit card.
Lis
Pendens
A public notice, filed against specific lands, that an action at
law is pending that may affect the title to the land.
Loan
Amount
The total amount requested by the borrower to be financed. This
amount is the basis, of many loan fee calculations. For refinance
loans, the loan amount will include the balance of all loans the borrower
requests to be paid off, including the original mortgage, other personal
debt and/or cash out amount.
Loan
Balance
The outstanding balance of a loan not paid in full, excluding any accrued
interest.
Loan
Discount Points - See Points
Loan
Origination Fees - See Origination Fee and Points
Loan
Product
The loan program that dictates the finance type, amortization term and
other pertinent loan functions (i.e., fixed or adjustable rate and 360
or 180 months).
Loan
Qualification Estimates
Lenders ease their loan-underwriting guides when economic times
are good. This environment leads to more competition among lenders
for qualified borrowers. Thus, lenders become more aggressive
in making loans. When economic times are worse, lenders raise
the amounts they are willing to lend. Thus, lenders become more conservative.
Loan
Term - See Term
Loan-to-Value (LTV)
LTV ratio, expressed as a percentage, is a qualifying measure in determining
finance possibilities and loan options. To calculate, divide the
mortgage base loan amount by the fair market value of
the property. Cumulative Loan-to-Value (CLTV) combines all mortgages
(1st and 2nd) into the equaltion by adding all the mortgages together
before dividing by the the fair market value to get the ratio.
Lock
or Lock-In
A written agreement guaranteeing the home buyer a specified interest
rate provided the loan is closes with that buyer within a set period
of time. The lock-in also usually specifies the number of points
to be paid at closing as well.
LTV
See Loan-to-Value
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