Mortgage Glossary (O)
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Original Principal Balance: The total amount of principal owed on a mortgage before any payments are made.Origination Fee: A fee paid to a lender to cover the administrative costs of processing a loan application. The origination fee typically is stated in the form of points. One point is 1 percent of the mortgage amount.
Owner Financing: A transaction in which the property seller provides all or part of the financing for the buyers purchase of the property.
Owner Occupied Property: A property that serves as the borrowers primary residence.
Offeree: - The Individual to whom an offer is made.
Offerror: The Individual who makes an offer.