Mortgage Dictionary

A B C D E F G H I J K L M N O P Q R S T U V W

FAQ

MORTGAGE DICTIONARY

HOMEBUYER'S GUIDE

REFINANCE GUIDE

HOMEPATH AND HOMESTYLE LOANS

EDUCATIONAL RESOURCES

Why Sky Real Estate 

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need Grand Avenue Realty & Lendings!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

Grand Avenue Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

L

LIEN

A claim against property. Property is said to be encumbered by a lien and the lien must be removed to clear title.

LIFETIME CAP

For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.

LOAN ORIGINATION FEE

This pays the administrative costs of processing the loan. Usually, it is expressed in points with one point being 1 percent of the mortgage amount.

LOAN-TO-VALUE RATIO (or LTV RATIO)

The relationship between the loan amount and the value of the property (the lower of appraised value or sales price), expressed as a percentage of the property’s value. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent.

LOCK-IN

The lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time through this written agreement. This typically specifies the number of points to be paid at closing as well.

LOCK-IN PERIOD

The time period during which the borrower is guaranteed an interest rate by the lender.

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Skyh Inc. - A true Full-Service Brokerage   

NMLS 1615282   BRE: 00827316

10129 E. Rosecrans Ave. 

Bellflower, CA. 90706

855-TeamSky  

855-832-6759