glossary

GLOSSARY

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

Loss mitigation

A situation where the lender will help the borrower when they are in danger of default to avoid foreclosure.

Low documentation loan

A loan designed for persons' that are self employed, recent immigrants, or entrepreneurs that may not want to reveal information of their incomes. These loans require exceptional credit history, a substantial down payment, and incur a higher interest rate.

Low-down mortgages

A loan where the down payment is under 10 percent. The US government has made these types of loans more available through agencies like Fannie Mae, to help more people own a home.

Lowball offer

An offer on a piece of property that is way below the market value.