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Mobile Home Finance Dictionary > L
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Land: The material of the earth, whatever it may be such as soil, rock or other substance and it includes the free or unoccupied space for an indefinite distance upwards as well as downwards.
Land and improvement loan: A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.
Lease: 1. A contract between owner and tenant setting forth conditions upon which a tenant may possess and use the property and the term of the occupancy. 2. Sometimes used as a method of financing as an alternative to purchasing property outright.
Lease-purchase agreement: An arrangement whereby a portion of the rent may be applied toward an established down payment or purchase price. Upon payment of the down payment the tenant, using borrowed funds, purchases the property and becomes the owner outright rather than a mere lessee.
Lender: The entity, business or person who offers a mortgage loan.
Leverage: 1. A real estate financing principle that uses investment debt financing to maximize the return per dollar of equity invested. 2. A financial method applied with the anticipation that the acquired property will increase in return so that the investor will realize a profit not only on his or her own investment but also on the borrowed funds and with the return to the borrowed funds being predominant.
Levy: 1. The legal seizure of property to satisfy a judgment. 2. The imposition of a tax.
Liability: 1. An obligation or duty that must be performed. 2. A claim of creditors for a debt due
Liability Protection: Insurance that covers people (other than the insured) and their personal property in cases of injury or damage while on the homeowner's property.
Licensee: A person to whom a license has been granted.
Lien: A legal hold or claim of one person on the property of another as security for a debt or charge that may be listed on a credit report as a public record. When the mobile home or manufactured home is in a park or is not attached to real property, the lien will normally appear on the home's title.
Limited liability: A restriction of a party's personal liability for potential business losses to be only up to the amount invested.
Liquidity: 1. The ease with which a person is able to pay his or her maturing obligations. 2. The holdings such as common stocks and U.S. savings bonds which have the ability to be able to be easily converted to cash or its equivalent.
Listing Agent: A real estate professional who has a contract with the seller of a house to advertise the property for sale and represent the seller when offers are made. If the listing agent is listing a mobile or manufactured home in a leased lot situation, most states require that the listing agent be a licenced dealer.
Loan application: A source of information on which a lender bases a decision about making a loan which defines the loan contract, shows the desired loan amount, the repayment terms, the name of the borrower, place of employment, salary, bank accounts, credit references and describes the real estate that is to be mortgaged.
Loan origination fee: A fee charged to the borrower by the lender for the administrative costs of processing and creating a mortgage loan which is usually computed as a percentage of the loan amount and is often expressed in points.
Loan terms: The conditions on which the mortgage is made including the rate and the length of the repayment period
Loan-to-Value Ratio (LTV): The ratio of the loan balance to the appraised value of the house.
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