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Today's Mortgage Terms starting with L
Lender: The bank, mortgage company or mortgage broker providing the loan.
Loan Application: A statement of personal and financial information needed to apply for a loan.
Loan Application Fee: A fee applied by a lender to cover the initial costs of putting through a loan application. The fee could include the cost of getting a property appraisal, a credit report and a lock-in fee and other closing costs incurred to complete the transaction.
Loan Origination Fee: Fee charged by a lender for the administrative costs of processing a loan.
Loan to Value Ratio (LTV): The balance of the mortgage outstanding as a percentage of the home's price.
Lock or Lock In: A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.
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Santa Cruz refinance mortgage news:
Mortgage rate drop sparks surge in consumer interest - Santa Cruz SentinelBorrowers descended on the home loan industry Wednesday after the federal government's latest move to shore up the financial system sparked a sharp drop in interest rates. Valley brokers said business picked up immediately as rates dropped from 6 ...
Peter Boutell, Lending a Hand: Freddie Mac and Fannie Mae announce the ... - Santa Cruz SentinelThe mortgage professionals on the front lines, those of us meeting with prospective homebuyers and originating mortgages, are greeting the details of the 2009 conforming limits as a mixed blessing. The ones making the rules had an opportunity to ...
Milpitas mortgage brokers convicted of fraud - Santa Cruz SentinelAfter a three-month trial, two Milpitas mortgage brokers have been convicted of multiple counts of grand theft and forgery in a $10 million fraud case involving subprime mortgages. Through their business, Summit Mortgage One, Esperanza Valverde, 41 ...
Expanded loan limits for home buyers to end Dec. 31 - Santa Cruz SentinelMemo to Bay Area home buyers and owners: Your days to buy or refinance homes using big loans set at low interest rates are numbered. As part of the economic stimulus bill that became law in February, loan limits on government-backed mortgages were ...
As borrowers stumble, bankruptcies soar in state - Tucson CitizenArizona bankruptcy filings in October hit their highest levels of 2008. Here are selected data for the month, with percentages showing changes from October 2007: Arizona's bankruptcy filings surged to a new yearly high in October, with observers ...
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