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Lock-box structure
Lock-box structure A structure whereby the rental or debt-service payments are sent directly from the tenant or mortgagor to the trustee
RELATED TERMS--------------------------------------
Tenant
Any person in possession of real property with the permission of the owner.
Mortgagor
The borrower in a mortgage agreement.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
SIMILAR TERMS--------------------------------------
Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.
Lock and float
Rate programs offered by companies that allow borrowers to lock in the current interest rate on a mortgage for a specified period of time, while also letting them "float" the rate down if market conditions improve before closing.
Lock-in
Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.
Lock-in clause
A condition in a promissory note that prohibits prepayment of the note.
Lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower.
Lockout
The period during which a loan may not be prepaid.
PREVIOUS AND NEXT TERMS--------------------------------------
Loan to Value Ratio (LTV)
The ratio of the mortgage loan amount to the property's appraised value or selling price, whichever is less.
Local authority search
This is carried out as part of the conveyancing process and can reveal any financial charges relating to the property as well as any planning decisions that could affect the property in the future.
Local taxes
In addition to federal and state taxes, those taxes imposed by local municipalities (such as a city or a county) for its government services.
Lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period.
Lock and float
Rate programs offered by companies that allow borrowers to lock in the current interest rate on a mortgage for a specified period of time, while also letting them "float" the rate down if market conditions improve before closing.
Lock-box structure
Lock-in
Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.
Lock-in clause
A condition in a promissory note that prohibits prepayment of the note.
Lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower.
Lockout
The period during which a loan may not be prepaid.
Loft
A living space not partitioned into rooms or a small space built above a larger room.
This dictionary contains 6433 terms. |
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