BuyNewBuyNow™ wants you to know all the facts about new home ownership to help you make an educated decision when it comes time to make the biggest purchase of you life. We are here to help you make your home more than just a house. Buy new and buy now. It's the smart thing to do for people looking for equity, appreciation and money saving tax deductions. While some naysayers point to a softening of the new home market, the reality is that there has never been a better time to buy a new home.

Learn more about why a new home is right for you, and about the home buying process.

• It's a Great Time To Buy New
  
  
• New Home F.A.Q.
  
  
• Term Glossary

L/V
Loan-to-Value ratio.

Legal Description
Legally acceptable identification of real estate by one of the following: * the government rectangular survey * metes and bounds * recorded plat (lot and block number).

Legal Title
A collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court.

Leverage
Using someone else's money to purchase a property. Refers to the ability to use the investment as collateral for a loan.

Lien
A charge against property making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all of the property owned by the debtor.

Lienholder
One who holds, or benefits from, a lien.

Line of Credit
An amount of money stipulated by a commercial bank to an active customer on an annual basis. The balance normally must be brought to zero on an agreed upon regular date.

Loan Application
Document required by a lender prior to issuing a loan commitment. The application generally includes the following information: name of the borrower, amount and terms of the loan, description of the subject property to be mortgaged and borrower's financial and employment data

Loan Package
The collection of documents associated with a specific loan application.

Loan-to-Value Ratio (LTV)
The portion of the amount borrowed compared to the cost or value of the property purchased.

Locked-In Interest Rate
The rate promised by a lender at the time of loan application. The promise is a legal commitment of the lender, though there may be qualifications or contingencies that allow the lender to charge a higher rate. On home loans, the lock-in is customarily provided for 1% of the amount borrowed, though often it is free-e of charge. On income property loans, a lock-in generally requires a commitment fee from the loan applicant.

Lot Line
A line bounding a lot as described in a property survey.