David Lythgoe and Regina Lythgoe, Brokers
Merit Properties - Mt. Hood

503-622-3141
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68280 E Hwy 26, Welches, OR 97067
 

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Real Estate Glossary

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  • Lease Purchase - Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

  • Legal Description - A specific way of identifying and locating a piece of real estate that is acceptable to a court.

  • Lien - A legal claim against property that must be satisfied When the property is sold.

  • Loan - Money borrowed that is usually repaid with interest.

  • Loan Fraud - Purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

  • Loan-to-value (LTV) Ratio - A percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.

  • Lock-in - Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

  • Loss Mitigation - A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.


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Merit Properties - Mt. Hood, 68280 E Hwy 26, Welches, OR 97067
Phone: 503-622-3141  Fax: 503-622-3117  Email: Send an Email 

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