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Glossary
Glossary
Glossary | |
| Terms that are on use on this site. | |
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| There are 4 entries in the glossary. | |
| Pages: 1 | |
| Term | Definition |
| Liability | Anything that depreciates in value or costs you money such as debt, vehicles, TV, DVD player, or loans. |
| Lien | A legal claim against a person's property, such as a car or a house, as security for a debt. A lien (pronounced "lean") may be placed by a contractor who did work on your house or a mechanic who repaired your car and didn't get paid. The property cannot be sold without paying the lien. Tax liens can remain on your credit report indefinitely if left unpaid or for 15 years from the date paid. |
| Loan Origination Fee | A fee charged by a lender for underwriting a loan. The fee often is expressed in "points;" a point is 1% of the loan amount. |
| Loan-to-Value Ratio (LTV) | The percentage of a home's price that is financed with a loan. On a $100,000 house, if the buyer makes a $20,000 down payment and borrows $80,000, the loan-to-value ratio is 80%. When refinancing a mortgage, the LTV ratio is calculated using the appraised value of the home, not the sale price. You will usually get the best deal if your LTV ratio is below 80%. |
| Glossary V2.0 | |
