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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Rush home equity loans news:

Beat the Rush to the Banks - Washington Post
Resize As Warren Buffett once said, you never know who's been swimming au naturel until the tide goes out. And as investors have discovered, the U.S. banking system spent the better part of the past decade's housing bubble doing an underwater ...

European Governments Race to Shore Up Banks as Crisis Deepens - Bloomberg
Oct. 6 (Bloomberg) -- European governments from Brussels to Copenhagen to Berlin rushed to shore up their faltering financial systems as the credit crunch deepened in Europe. BNP Paribas SA agreed to buy Fortis's units in Belgium and Luxembourg for ...

European Governments Race to Help Banks Amid Crisis (Update2) - Bloomberg
Oct. 6 (Bloomberg) -- European governments from Brussels to Copenhagen to Berlin rushed to shore up their faltering banks as the credit crunch worsened in Europe. BNP Paribas SA agreed to buy Fortis's units in Belgium and Luxembourg for 14.5 billion ...

Some of the fault lies closer to home - Financial Times
“Small island, big problem” was the headline in some editions of the Financial Times on Wednesday. It referred to Iceland, which has gone bust and had to seek a €4bn loan from Russia. But it could have been about the UK, which has pumped £50bn ...

Week of 'utter carnage' moves the crunch into the real world - Guardian Unlimited
Week of 'utter carnage' moves the crunch into the real world As panic sets in and the rush to sell shares intensifies across the world, economists call for swift, decisive action from governments to avert a global slump that seems inevitable. Richard ...

Britain joins bail-out rush, pledging $122b - The Age
Britain's banks will get an unprecedented 50 billion-pound ($122 billion) government lifeline and emergency loans from the central bank after the freeze in credit markets threatened to bring down the financial system. The government will offer to buy ...

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek
Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration ...

Why this slump will be 'long and deep' - Globe and Mail
A global recession may be near, but the global bear market has already arrived, and my, what teeth it has. After yet another Monday horror show – the fourth in a row in which the Dow Jones industrial average dropped at least 300 points – every ...

What the interest rate cuts mean to consumers - Globe and Mail
As the global financial crisis deepens, Report on Business writers examine and explain the turmoil in credit and stock markets. Here, we answer your questions daily, with the most recent at the top. Do the interest rate cuts mean my mortgage rate or ...

Why countries can't go bankrupt like companies - Globe and Mail
As the global financial crisis deepens, Report on Business writers examine and explain the turmoil in credit and stock markets. Here, we answer your questions daily, with the most recent at the top. Iceland's president said his country could face ...