HELOC EXPERT GLOSSARY

Terms Starting with L

Plain-English definitions for HELOCs, home equity loans, refinancing, DSCR, VA lending, underwriting, credit, title and closing.

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.