The amount of money a governing body certifies to be raised from the property tax. …
Liabilities
A borrower's debts and financial obligations. Outstanding debts of an individual. Mortgages, loans, credit card balances. …
Liability Insurance
A policy that protects owners against any claims of negligence, personal injury, or property damage. …
LIBOR
Acronym for "London Interbank Offered Rate." An index used to determine interest rate changes for adjustable rate mortgages. …
Lien
A claim laid by one person or company on the property of another as security for money owed. A charge registered against a property. …
Life Cap
Limits the amount that a loan rate can change during the mortgage term. For example, if the rate on an adjustable-rate mortgage begins at 5 percent and has a life cap of 6 percentage points, it can't …