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Look-up a term: GLOSSARY:
  • Offer indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.
  • Original Principal Balance the total principal owed on a mortgage prior to any payments being made.
  • Origination the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.
  • Origination Fee the charge for originating a loan; is usually calculated in the form of points and paid at closing. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.
  • Owner Financing a home purchase where the seller provides all or part of the financing, acting as a lender.
  • Owner's Policy the insurance policy that protects the buyer from title defects.
  • Ownership ownership is documented by the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.