Glossary of Mortgage Terms
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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