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Home > Learning Center > Glossaries > Mortgage Terms Glossary
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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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Late Charge - Lease - Lender - Lender Fees - Lender Processing Fee - Lien - Line of Credit - Loan Application - Loan Application Fee - Loan Term - Loan-to-Value Ratio (LTV) - Lock or Lock-In - Lock-in Period


Late Charge - Penalty paid by a borrower when a payment is made after the due date.

Lease - A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent.

Lender - The bank, mortgage company, or mortgage broker offering the loan.

Lender Fees - Lender Fees are fees paid to the lender.

Lender Processing Fee - The lender processing fee covers the cost of analyzing your loan application and compiling and packaging the necessary supporting documentation to close your loan.

Lien - A legal claim by one person on the property of another for security for payment of a debt.

Line of Credit - An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

Loan Application - An initial statement of personal and financial information required to apply for a loan.

Loan Application Fee - Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and closing costs incurred during the process or the fee may be in addition to these charges.

Loan Term - The period of time between the closing date and the date of your last payment is paid.

Loan-to-Value Ratio (LTV) - The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

Lock or Lock-In - A lender's guarantee of an interest rate for a set period of time-usually between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

Lock-in Period - The time period during which the lender has guaranteed an interest rate to a borrower.
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