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 …
Life-Cycle Cost Analysis
An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect. …
Lifetime Rate Cap
In an adjustable rate loan (ARM), a maximum interest rate or "ceiling" that may not be exceeded under any circumstances over the entire life of the loan. …