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Financial Glossary

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Late chargeFee assessed to a borrower for a delinquent payment.
LeaseLegal agreement to use or occupy an owner's property during a specific term for a certain fee.
Liability insuranceCoverage to protect a vehicle owner from financial loss, if s/he causes injury or damage to others in an accident.
LIBOR Rate (London Interbank Offered Rate)Interest rate that financial institutions use when lending to one another.
LienLender holds the legal claim against a property until the borrower pays the debt.
Line of creditOpen-ended, revolving debt.
LiquidityAbility to quickly and easily convert assets to cash.
Loan origination feeCharge paid to the lender for processing a loan.
Loan termTime allotted for the borrower to repay a debt.
Loan-to-value ratio (LTV)Mortgage amount as a percentage of the total property value.
Lock (rate lock)Lender guarantees an interest rate on a loan for a certain period of time before closing.
Loss MitigationThe idea of taking steps to decrease the negative impacts of losing a home to foreclosure. Sometimes the best thing for someone to do is turn over ownership of a home. In these instances, it’s important to work with professionals who can help determine the right steps to take.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union