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Late charge. The penalty a borrower must pay when a payment is made after the due date. Lien. A legal claim against a property that must be paid when the property is sold.
Lifetime cap. A provision of an ARM that limits the total increase in interest rates over the life of the loan.
Loan servicing. The collection of mortgage payments from borrowers and related responsibilities of a loan service.
Loan-to-value ratio (LTV). The relationship between the amount of a mortgage and the total value of the property.
Lock-in. The guaranty of a specific interest rate and/or points for a specific period of time. Some lenders will charge a fee for locking in an interest rate.
LTV. Loan to value.
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