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A A  Mortgage Corp.
is located in downtown Manchester, MO,
one block west of
Woods Mill Rd.

14346 Manchester Rd
in West County.

[A]  [B]  [C]  [D]  [E]  [F]  [G]  [H]  [I]  [J]  [K]  [L]  [M]
[N]  [O]  [P]  [Q]  [R]  [S]  [T]  [U]  [V]  [W]  [Y]  [Z]
DICTIONARY- L

Land Contract
Installment plan for buying a house. It is used as an alternative to obtaining a loan from a traditional, source such as a mortgage banker or savings and loan.

Late Charge
A penalty for failure to pay an installment on time.

Lease with Option to Purchase
A lease under which the lessee has the right to purchase the property. The option may run for the length of the lease or only for a portion of the lease period.

Legal Description
An expanded and unique description of a property that is used on legal documents, such as deeds and deeds of trust. Recorded documents generally require a legal description.

Lender
A general term encompassing all mortgages,, and beneficiaries under deeds of trust.

Lender's Instructions
A document that lenders prepare for the closing agent that outlines the requirements for loan closing.

Letter of Intent
A formal method of stating that a prospective developer, buyer or lessee is interested in property.

Lien
An encumbrance against property for for the payment of debt; a lien may be a mechanic's lien, mortgage, unpaid taxes or judgment.

Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party.

Limited Partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, who contributes capital and are liable only to the amount contributed.

Lis Pendens
A notice that litigation is pending on a property.

Listing Agreement
Agreement between a property owner and a real estate owner, authorizing the broker to find a buyer for the property. If the sale is consummated, the listing broker will be paid a fee.

Loan Discount/Premium Fees
Fees that borrowers pay (sometimes seller will pay for borrower) that adjust to the yield requirement of the investor. Loan discount denotes an investor yield requirement higher than the note rate. Loan premium denotes an investor yield requirement lower than the note rate.

Loan Lock
Guarantee from a lender that a borrower will receive the interest rate in effect at the time of loan application.

Loan Officer
A person that helps borrowers through the loan selection, processing and closing of a mortgage loan. Loan officers can be paid a commission or salary for their services and can work for mortgage brokers, mortgage bankers, or depository institutions.

Loan Origination Fees
The cost to obtain a loan that is paid to the originating lender or broker.

Loan Package
The information regarding a borrower and property necessary which is the basis for a lender's credit decision to extend or deny credit.

Loan Ratio
The amount of a loan to the value or selling price of real property.

Loan Servicing
The function of collecting loan payments, managing the property tax and insurance escrows, foreclosing on defaulted loans and remitting payments to the investor/beneficiary.

Loan-to-Value Ratio
The ratio of the mortgage loan amount to the property's appraised value or selling price, whichever is less.


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A A Mortgage Corp. is an Equal Housing Lender.
Copyright 1999-2006 A A Mortgage Corp.