Lease-purchase mortgage loan -- A way for homebuyers to lease a home with an option to buy from a nonprofit organization. A portion of each month's rent payment goes toward principal, interest, taxes, insurance and a down payment.

Lien -- A claim upon real or personal property for the satisfaction of some debt or obligation.

Listing price -- The price at which a house is listed for sale; the asking price.

Loan-to-value ratio -- The relationship between the amount of the mortgage loan and the appraised value of the property.

Lock-in -- A written agreement from the lender to offer a specified interest rate if the mortgage closes in a certain time period.

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