Knowledge is power and there’s no difference when it comes to obtaining a home loan! To help you on the journey to becoming an educated borrower, we’ve created this glossary of terms you’ll need to know during your home loan process.
There are currently 4 names in this directory beginning with the letter L.
Lender
A lender is any organization, individual, or public group that makes funds available with the stipulation that the funds will be repaid, with interest or other fees, as a monthly payment or as a lump sum
Lien
A lien is a legal right to the possession of a property owned by another person until a debt owed by that person is paid or discharged.
Loan Application
A loan application is a document the provides information, financial and otherwise, about the borrow that lenders use to make a decision about whether or not to lend money to the borrow.