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Loan 403(b)
Loan 403(b) An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 403(b) plans are provided by employers that are not for profit organizations.
RELATED TERMS--------------------------------------
Investment
Money directed toward the purchase, improvement and development of an asset in expectation of income or profits.
SIMILAR TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Loan 401(k)-403(b)
Some administrators of 401(k)-403(b) plans allow for loans against the monies you have accumulated in these plans.
Loan 80-10-10
A combination of an 80 percent loan-to-value first mortgage, a 10 percent home equity loan and a 10 percent down payment.
Loan application
A lender's initial sourse of information on a borrower-applicant and the collateral involved; stipulates the amount of money requested and repayment terms.
Loan application fee
A sum charged by a lender for accepting a document in which a prospective borrower details his or her financial situation to qualify for a loan.
Loan broker listing
A mortgage loan broker's contract with a buyer to obtain a loan.
Loan commitment
A lender's agreement to lend a specified amount of money which must be exercised within a set time limit.
Loan consolidation
When one large loan is taken out to pay off a variety of smaller loans held with different providers. A mortgage can be used for this purpose and in some cases can work out cheaper as mortgage rates tend to be cheaper than personal loan interest rates.
Loan constant
The annual payment required per dollar of a mortgage loan, including principal and interest.
Loan correspondent
A person or entity that acts for a lender in arranging loans or the sale of loans.
Loan discount-premium fees
Fees that borrowers pay (sometimes seller will pay for borrower) that adjust to the yield requirement of the investor. Loan discount denotes an investor yield requirement higher than the note rate. Loan premium denotes an investor yield requirement lower than the note rate.
Loan documents
Documents prepared by a lender in conjunction with granting the loan to the borrower; may include a promissory note, deed of trust, and required loan disclosure documents.
Loan fee
Also known as points, discount points or origination fee, this is a one time charge by a lender as compensation for their services.
Loan fraud
Purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.
Loan lock
Guarantee from a lender that a borrower will receive the interest rate in effect at the time of loan application.
Loan officer
A person that helps borrowers through the loan selection, processing, and closing of a mortgage loan.
Loan origination
How a lender refers to the process of obtaining new loans.
Loan origination fee
The cost to obtain a loan that is paid to the originating lender or broker.
Loan originator
A person who works for the lending institution whose job it is to meet with potential borrowers to discuss loan options, rates, etc.
Loan package
The information regarding a borrower and property necessary which is the basis for a lender's credit decision to extend or deny credit.
Loan processing fee
A charge levied by a lender for accepting a loan application and gathering the supporting paperwork.
Loan ratio
The amount of a loan to the value or selling price of real property.
Loan servicing
The function of collecting loan payments, managing the property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investor-beneficiary.
Loan term
The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 15 or 30 years.
Loan to Value Ratio (LTV)
The ratio of the mortgage loan amount to the property's appraised value or selling price, whichever is less.
PREVIOUS AND NEXT TERMS--------------------------------------
Luziania property
Property in Luziania, Brazil. Apartments, flats, houses, offices and other property in Luziania.
Lvov property
Property in Lvov, Ukraine. Apartments, flats, houses, offices and other property in Lvov.
Lyon property
Property in Lyon, France. Apartments, flats, houses, offices and other property in Lyon.
Lyubertsy property
Property in Lyubertsy, Russia. Apartments, flats, houses, offices and other property in Lyubertsy.
Loan 401(k)-403(b)
Some administrators of 401(k)-403(b) plans allow for loans against the monies you have accumulated in these plans.
Loan 403(b)
Loan 80-10-10
A combination of an 80 percent loan-to-value first mortgage, a 10 percent home equity loan and a 10 percent down payment.
Laches
An equitable doctrine used by courts to bar a legal claim or prevent the assertion of a right because of undue delay or failure to assert the claim or right.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
Land Certificate
Proof of ownership for a property with no mortgage on it. Gives details of the boundaries of the property and covenants affecting it.
Land contract
Installment plan for buying a house, used as an alternative to obtaining a loan from a traditional, source such as a mortgage banker or savings and loan.
This dictionary contains 6433 terms. |
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