Loan Glossary
L
- Loan-to-Value (LTV) Ratio
The ratio of the total amount borrowed on a mortgage
against a property compared to the appraised value of the property. For
example, if you have an $70,000 1st mortgage on a home with an appraised value
of $100,000, the LTV is 70% ($70,000 / $100,000 = 70%).
- Lock-in
A written agreement in which the
lender guarantees a specified loan program interest rate and points if a
mortgage goes to closing within a set period of time.
lock-in period The time period during which the lender
has guaranteed an interest rate to a borrower.
- Loss Mitigation
A process to avoid foreclosure; the
lender tries to help a borrower who has been unable to make loan payments and
is in danger of defaulting on his or her loan.
- LTV
- Loan To Value (LTV): The Loan to Value is the percentage of what is owed against the property vs. what the properties fair market value is.
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Loan Glossary 
