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| Bank Rates |
Term |
Our Rates |
| 6.75% | 1 | 5.50% | | 7.25% | 2 | 5.50% | | 7.30% | 3 | 5.50% | | 7.30% | 4 | 5.50% | | 7.30% | 5 | 5.44% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 7/17/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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A-B C-D E-F G-H I-J K-L M-N O-P-Q R-S T-U V-W X-Y-Z
K
No entries at this time
L
Leasehold
A person has use of the property for a limited time. This person can rent the building or own the building and rent the land on which the building sits.
Leasehold mortgage
A mortgage for the purchase of a home or improvements to a home where the building is on land that is leased or rented.
Lending value
An independent appraiser’s value interpreted by the lender as to the worth of a property in the current market given a reasonable time period to sell the property.
Letter of intent
Similar to a commitment letter where a lender issues a letter to a borrower outlining their intent to lend them money for a specific purpose and under what conditions that money will be loaned.
Liabilities
What the borrower owes.
Lien
The lender’s legal claim to the borrower’s property.
Line of credit
A maximum credit limit allowed by a lender to a borrower, as long as the borrower maintains an acceptable balance on account or has a good credit rating. The credit line will vary from time to time according to the changing circumstances of the borrower or the lender.
Loan coverage
The ratio of net operating income to mortgage debt service; in general, loan coverage of 1.2 is considered adequate.
Loan fee
A charge for making a loan in addition to the interest charged to the borrower.
Loan to value ratio
The advance ratio of the principal amount of the mortgage as a function of the lending value of the property.
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