| Loan to Value Ratio | A ratio determined by dividing the sales price or appraised value into the loan amount, expressed as a percentage. For example, with a sales price of $100,000 and a mortgage loan of $80,000, your loan to value ratio would be 80 percent. Loans with an LTV over 80 percent may require Mortgage Insurance. |
| Lock or Lock In | A commitment you obtain from a lender for a particular interest rate or feature for a definite period of time. Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval, close the loan, and ultimately receive the funds you have borrowed. |
