LIEN >> A secured financial interest or legal encumbrance on a property. For example, a secured loan appears as a lien on the property?s title report.

LIEN POSITION >> The order in which liens will be repaid when the property is transferred to a new owner.

LIFETIME CAP >> This is the cap that limits how high an interest rate can increase over the life of an adjustable-rate mortgage loan . Example: Start rate + 6% = lifetime Cap.

LINES OF CREDIT >> A type of mortgage loan from which borrowers can write a check or draw funds. Some lines of credit are also balloon loans. Usually the borrower is given 5 to 10 years to use the line of credit. After this period, many lines of credit require the borrower to pay the loan in full. Others may require the loan to be paid in full over the next 10 to 15 years.

LIQUID ASSETS >> Cash or assets, such as checking/savings accounts, stocks/bonds, that are immediately convertible to cash.

LIS PENDENS >> A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally "suit pending"; usually recorded so as to give constructive notice of pending litigation.

LOAN AMOUNT >> The amount of money originally lent to a borrower.