GLOSSARY

This glossary is Alphabetical please choose your letter below.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 

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Occupancy
The use of a property as a full-time residence, either by the title holder (owner-occupancy) or by another party through a formal agreement (rental).

 

Offer
Indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

 

Open House
When the seller's real estate agent opens the seller's house to the public. You do not need a real estate agent to attend an open house.

 

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 fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.

 

originator
A person who originates mortgage loans. Also known as loan officer or mortgage broker.

 

Overage
The difference between the price posted to its loan officers by a lender or mortgage broker, and the price charged the borrower .