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Lockout
Lockout The period during which a loan may not be prepaid.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
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-box structure
A structure whereby the rental or debt-service payments are sent directly from the tenant or mortgagor to the trustee
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.
PREVIOUS AND NEXT TERMS--------------------------------------
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
A structure whereby the rental or debt-service payments are sent directly from the tenant or mortgagor to the trustee
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
Loft
A living space not partitioned into rooms or a small space built above a larger room.
Log cabin
Homes constructed of rough-hewn timbers and a standard housing form in the early European settlement of the U.S.
London Inter Bank Offered Rate (LIBOR) Linked Mortgage
The interest rate tracks this index. It is normally quoted as 6 Month LIBOR and so stays the same for a six-month period.
Longitude
Distance measured east or west on the earth's surface, measured by the angle which the meridian through a place makes with some standard meridian, as that of Greenwich, Great Britain or Paris, France.
Long-term lease
In most markets, this refers to a lease whose term is at least three years from initial signing to the date of expiration or renewal.
This dictionary contains 6433 terms. |
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