L/V
Loan-to-Value ratio.

Legal Description
Legally acceptable identification of real estate by one of the following: * the government rectangular survey * metes and bounds * recorded plat (lot and block number).

Legal Name
The name one has for official purposes.

Legal Residence
Generally one's permanent home.

Legal Title
A collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court.

Lien
A charge against property making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all of the property owned by the debtor.

Lienholder
One who holds, or benefits from, a lien.

Loan Application
Document required by a lender prior to issuing a loan commitment. The application generally includes the following information: name of the borrower, amount and terms of the loan, description of the subject property to be mortgaged and borrower's financial and employment data

Loan Package
The collection of documents associated with a specific loan application.

Loan-to-Value Ratio (LTV)
The portion of the amount borrowed compared to the cost or value of the property purchased.

Locked-In Interest Rate
The rate promised by a lender at the time of loan application. The promise is a legal commitment of the lender, though there may be qualifications or contingencies that allow the lender to charge a higher rate. On home loans, the lock-in is customarily provided for 1% of the amount borrowed, though often it is free-e of charge. On income property loans, a lock-in generally requires a commitment fee from the loan applicant.

Lot Line
A line bounding a lot as described in a property survey.