Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 3 terms
in Mortgage starting with L
L
Loan Estimate (LE)
MortgageA standardized disclosure form provided within 3 business days of a mortgage application. It summarizes key loan terms, projected payments, and estimated closing costs.
Lock-In Period
MortgageA set period during which a lender guarantees a specific interest rate on a mortgage. Rate locks typically range from 30 to 60 days and protect the borrower from rate increases while the loan is processed.
Loss Mitigation
MortgageStrategies used by lenders to minimize losses from delinquent loans, including loan modifications, forbearance, short sales, and deed-in-lieu of foreclosure.