A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms. …
Loan Officer
An official lending institution representative who is empowered to act on behalf of the lender within certain limits. …
Loan Origination Fee
The lender requires a loan origination fee (or points) to cover the direct costs of arranging the loan. …
Loan Term
The time set by a lender for a buyer to pay a mortgage. Most conforming loans have 30-year or 15-year terms. In the case of balloon loans, payments are based on the amortization period and a final …
Loan Type
The type of loan determines its borrowing limit, down payment requirements, and qualifying rules. Available loan types include conforming, jumbo, FHA, and VA. …
Loan-to-Value Ratio (LTV)
The ratio of the total loan amount to the value of the property. For lending purposes, the value is equal to the purchase price or the appraised value, whichever is lower. …