Bridge Finance & Consulting
		Glossary
		Late Charge (연체료) A penalty imposed by the lender when a borrower fails to make a scheduled payment on time. 금융기관이 예정된 상환을 제때에 하지 못한 채무자에게 부과하는 벌과금. Liabilities (채무) A person's debts and other financial obligations. 개인의 부채 및 기타 재정적 의무사항들. Liability Insurance (채무보험) Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party. 건물소유주에 대하여 태만, 인적부상 및 타인의 재산에 대한 피해 등으로 인한 배상청구를 보호해주는 보험 LIBOR-Index An index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow funds from the London Interbank Market. Lien A legal encumbrance or claim on property as security for a debt. Lifetime Cap For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan. Liquid Asset A cash asset or an asset that is easily converted into cash. Loan Origination The process by which a lender makes a loan which may include taking a loan application, processing and underwriting the application, and closing the loan. Loan Origination Fee A fee to cover some of the administrative costs of processing a loan. It is often expressed in points. One point is equal to 1 percent of the loan amount. Loan-To-Value (LTV) Ratio The relationship between the loan amount and the value of the property (the lower of appraised value or sales price), expressed as a percentage of the property's value. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent. Lock-in An agreement in which the lender agrees to "lock-in" the borrower's interest rate for a set period of time before closing.
		Bridge Finance & Consulting 8517 Olive Blvd., St. Louis, MO 63132 Phone: (314)606-0924   Fax: (314)628-0520