An itemization of basic financial information, which is presented to a lender by a potential borrower.
Loan application fee
Fee charged by lenders to borrowers making a loan application.
Loan commitment
Written promise to make a loan, outlining amount and terms, by lending institution to borrower.
Loan officer
Official representative of a lending institution who is empowered to loan money within certain guidelines.
Loan origination fee
A charge imposed by the lender, payable at closing, for processing the loan.
Loan originator
Usually refers to an individual working on behalf of a mortgage banker or broker who negotiates the terms of the mortgage agreement. In some states, like Wisconsin, loan originators are licensed.
Loan rates
The interest rate charged for a loan.
Loan shark
Lender who charges an exorbitant interest rate which is usually illegal because it exceeds the interest rate allowed in the state.
Loan term
The amount of time that is set for the repayment of the mortgage or loan. Conforming loans are usually 15 or 30 years.
Loan-to-value ratio (ltv)
The ratio of the loan amount to the value of the property. The value is equal to the purchase price or appraised value, whichever is lower.
