HOMEBUYER EDUCATION GLOSSARY
Liabilities: Your debts and other monetary obligations.
Lien: A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.
Loan Origination Fees: The fee paid to your mortgage lender for processing the mortgage application. This fee is usually in the form of points. One point equals 1% of the mortgage amount.
Lock-in rate: A written agreement guaranteeing a specific interest rate when your mortgage closes.
Low-Down-Payment Feature: A feature of a mortgage, usually a fixed-rate mortgage that helps you buy a home with as little as a 3% down payment.