Real Estate and Mortgage Glossary - terms
beginning with "O"
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principal balance
The total amount of principal owed on a mortgage before any payments are
made.
origination fee
On a government loan the loan origination fee is one percent of the loan
amount, but additional points may be charged which are called "discount points."
One point equals one percent of the loan amount. On a conventional loan, the loan
origination fee refers to the total number of points a borrower pays.
owner financing
A property purchase transaction in which the property seller provides all or
part of the financing. copyright
1998 by Terry
Light and RealEstate ABC -- May not be reprinted or copied |
