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Mortgage Glossary

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There are 4 terms in this glossary beginning with the letter L.
Lender fees
typically included in fees associated with closing costs, sometimes called processing fees; designed to cover costs incurred by lenders during the loan process.

Lender, mortgage lender
the bank or finance company that directly awards home loan or mortgage money to a borrower or homebuyer. Legal-mortgagee.

Lien
a formal, legal symbol of money owed on a major asset such as property. Also, mortgage.

Loan
money lent from a financial institution to a creditworthy borrower(s) over a specified period of time and at a particular interest rate.