LALLY COLUMN
A concrete filled steel pipe used to support beams.

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LATE CHARGE
An extra charge, or penalty added to a regular mortgage payment when the payment is made late by an amount of time specified in the original loan document.

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LATENT DEFECTS
Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects.

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LEASE
A contract between a property owner and a tenant specifying the payment amount, terms and conditions, as well as the length of time the contract will be in force.

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LEASEHOLD ESTATE
A type of property ''ownership'' where the buyer actually has a long-term lease on the property.

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LEASE OPTION
A lease agreement that gives the tenant an option to buy the property. Usually, a portion of the regular monthly rent payment will be applied towards the down payment.

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LEGAL DESCRIPTION
The description of a piece of property, identifying its specific location in terms established by the municipality or other jurisdiction in which the property resides. Often related in specific distances from a known landmark or intersection.

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LENDER
The person or entity who loans funds to a buyer. In return, the lender will receive periodic payments, including principal and interest amounts.

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LIABILITIES
A person's outstanding debt obligations.

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LIABILITY INSURANCE
Insurance that covers against potential lawsuit brought against a property owner for alleged negligence resulting in damage to another party.

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LIEN
Any claim against a piece of property resulting from a debt or other obligation.

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LIFE CAP
A limit on how far the interest rate can move for an Adjustable Rate Mortgage.

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LIKE-KIND PROPERTY
Any property which is substantially similar to another property.

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LINE OF CREDIT
An extension of credit for a certain amount for a specific amount of time. To be used by the borrower at his discretion.

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LIQUID ASSET
Any asset which can be quickly converted into cash at little or no cost, or cash itself.

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LOAN
Money borrowed, to be repaid with interest, according to the specific terms and conditions of the loan.

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LOAN OFFICER
A person that "sells" loans, representing the lender to the borrower, and the borrower to the lender.

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LOAN ORIGINATION
How a lender refers to the process of writing new loans.

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LOAN SERVICING
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.

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LOAN-TO-VALUE RATIO (LTV)
The comparison of the amount owed on a mortgaged property to its fair market value.

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LOCK-IN
An agreement between a lender and a borrower, guaranteeing an interest rate for a loan if the loan is closed within a certain amount of time.

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LOCK-IN PERIOD
The amount of time the lender has guaranteed an interest rate to a borrower.