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Mortgage Glossary, L-O
The bank, mortgage company or mortgage broker offering the loan.
The money that you borrow and agree to pay back with interest over an agreed time period.
Loan-to-value (LTV) ratio
Your loan amount divided by the property value expressed as a percentage. For example, an $80.000 mortgage on a property worth $100.000 will give an LTV ratio of 80%.
A legal arrangement by which you borrow money from a lender in order to buy a home and repay the loan and interest within a specified period (the mortgage term).
An insurance that protects lenders against some or most of the losses that can occur when a borrower fails to repay a mortgage loan. Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's sale price.