| Lender
Name |
| |
The
name of the mortgage lender that has been assigned to review
and process the loan application.
|
|
| Lien |
| |
A
legal claim against a specific property as security for
payment of a debt. The mortgagor (borrower) still holds
legal title to the property, however, a lien is pledged as
collateral.
|
|
| Line
of Credit (Revolving Line of Credit) |
| |
A
loan with a maximum credit limit that allows the borrower(s)
to disburse funds up to the maximum credit line as needed.
Funds may be disbursed repeatedly as the principal balance
is paid down up to the maximum credit limit available. A
line of credit functions similar to a credit card and may be
accessed by writing a check or a using a debit card.
|
|
| Loan
Amount |
| |
The
total amount requested by the borrower to be financed. This
amount is the basis of many loan fee calculations. For
refinance loans, the loan amount will include the balance of
all loans the borrower requests to be paid off, including
the original mortgage, other personal debt and/or cash out
amount.
|
|
| Loan
Balance |
| |
The
outstanding balance of a loan not paid in full, excluding
any accrued interest.
|
|
| Loan
Product |
| |
The
loan program that dictates the finance type, amortization
term and other pertinent loan functions (i.e., fixed or
adjustable rate and 360 or 180 months).
|
|
| Loan
Term |
| |
The
total number of payments required to pay the loan in full.
This is also known as amortization term. |
