A written agreement between the property owner and a tenant that states the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Lease Option
An financing option that allows home buyers to lease a home with an option to description
A specific property description, recognized by law where a specific property can be located without oral testimony.

A legal claim against a property that must be paid off when the property is sold. Such as a mortgage.

Life Cap
Use with adjustable-rate mortgages (ARM). A limit on the amount the interest rate can increase or decrease over the life of the mortgage.

Loan Origination
How a lender refers to the process of obtaining new loans.

Loan Origination Fee                                                                                                                                                  The cost a lender charges to start a new loan.

Loan-to-Value (LTV)
The percentage between the amount of the loan and the appraised value or sales price (whichever is lower).

An agreement in where the lender guarantees a specified interest rate for a certain amount of time at a certain cost to the borrower.

Lock-in Period
The time period where the lender has guaranteed an interest rate to a borrower.