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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
Cleveland mortgage loans news:
Financial News
2009 economy could remain gloomy for Northeast Ohio - WKYC
CLEVELAND -- Whether you use a crystal ball or a computer program, the economic numbers still don't look good for the Cleveland area. It is very possible that 2009 may be just as bad, if not worse, than 2008 across Northeast Ohio. Now that National ...

Cleveland, Columbus lagging Cincinnati - Cincinnati.com
Ohio has had the dubious distinction of appearing among the ranks of those states with foreclosure rates higher than the national average. In the latest release of the Mortgage Bankers Association's National Delinquency Survey, Ohio, Florida, Nevada ...

Sale of IndyMac to investors may be near - Cleveland Plain Dealer Blog
Associated Press File Federal regulators are moving to sell the remnants of failed IndyMac Bank to a group of private investors as soon as Friday. Updated at 1:25 p.m. WASHINGTON -- Federal regulators could announce a deal to sell off failed IndyMac ...

America's woes began with credit markets - Cleveland Plain Dealer
Unless you've lost your job in the last 12 months, the recessionary symptom that affected you most directly was the knotting of America's credit market. Even people with good credit ratings had a more difficult time securing home and auto loans, and ...

AmTrust, regulator mum about bank's compliance - Cleveland Plain Dealer
Regulators and AmTrust Bank leaders offered little information Wednesday about the Treasury Department's insistence that the bank firm up cash reserves and change lending practices. A Treasury Department order Nov. 19 said the bank had until the end ...

GMAC gives up some GM car financing in bailout - Cleveland Plain Dealer Blog
DETROIT -- GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid. The ...

Federal Reserve Bank of NY begins buying mortgage-backed securities to ... - Minneapolis Star Tribune
NEW YORK - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. The program, initially announced Nov. 25, allows the Fed to spend $500 billion to buy ...

N.Y. Fed now buying mortgage securities - Minneapolis Star Tribune
NEW YORK - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. The program, announced Nov. 25, allows the Fed to spend $500 billion to buy mortgage ...

New at Reason: Jacob Sullum on the Year in Blame Shifting - Reason.com
And so, yet again, a picture that has jack and shit to do with the article. I get that election season is meat and potatoes around here, but it's fucking over and the rest of us *suffered trauma* from it. It's not cool to jump behind a guy with PTSD ...

US credit markets resist thawing - The Age
As the new owner of $US172.5 billion ($243 billion) of preferred shares and warrants in 208 US financial institutions, the US Treasury Department hasn't succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that won't ...

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