GLOSSARY OF MORTGAGE TERMS
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LEASEHOLD MORTGAGE:
A MORTGAGE GIVEN BY A LESSEE ON THE SECURITY OF HIS LEASEHOLD INTEREST IN THE LAND.
LENDER:
THE PERSON OR COMPANY WHO LENDS THE MONEY FOR THE MORTGAGE.
LENDING VALUE:
THE LOWER OF THE PURCHASE PRICE OR APPRAISED VALUE.
LETTER OF DIRECTION:
A LETTER WHERE THE BORROWER “DIRECTS” THE LAWYER (I.E. THE BORROWER MAY DIRECT THE LAWYER TO RECEIVE FUNDS FROM LENDER
ON THEIR BEHALF).
LIEN:
A REGISTERED DEBT GIVEN TO THE CREDITOR, CREATING AN INTEREST IN THE REAL PROPERTY UNTIL THE DEBT IS PAID AND DISCHARGED.
LOAN TO VALUE RATIO:
THE RATIO OF THE PRINCIPAL AMOUNT OF THE LOAN TO THE LENDING VALUE OF THE PROPERTY. ALSO KNOWN AS “LTV”.
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