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Lien
A legal hold or claim on property as security for a debt or charge.
Loan Commitment
A written promise to make a loan for a specified amount on specified terms.
Loan-To-Value-Ratio
The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.
Lock-in
The fixing of an interest rate or points at a certain level, usually during the loan application process. It is usually done for a certain period of time, such as 60 days, and may require a fee or premium in the form of a higher interest rate.
