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| Home Insurance Glossary
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Confused in the Home Loan jargon? Our glossary
will help you in understanding the basic loan related terms.
Browse through the glossary or serach for a term through the
menu to resolve any doubts.
Glossary of Home insurance
terms
L
Late charge
The penalty a borrower must pay when a payment is made a stated
number of days (usually 15) after the due date.
Lease
A written agreement between the property owner and a tenant
that stipulates the conditions under which the tenant may
possess the real estate for a specified period of time and
rent.
Liabilities
A person's financial obligations. Liabilities include long-term
and short-term debt, as well as any other amounts that are
owed to others.
Liability Insurance
Liability coverage pays for expenses from damages or injuries
to other people that are caused by the policyholder.
Lien
A legal claim against a property that must be paid off when
the property is sold.
Liquid asset
A cash asset or an asset that is easily converted into cash.
Loan
A sum of borrowed money (principal) that is generally repaid
with interest.
Loan origination
The process by which a mortgage lender brings into existence
a mortgage secured by real property.
Lock-in
A written agreement in which the lender guarantees a specified
interest rate if a mortgage goes to closing within a set
period of time. The lock-in also usually specifies the number
of points to be paid at closing.
Lock-in period
The time period during which the lender has guaranteed an
interest rate to a borrower.
Loss
In insurance terms, loss means an unintentional decrease
in the value of a piece of property as the result of some
event.
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