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Option
A situation in which a buyer
puts down money for the right to purchase
a piece of real estate within a set
time period but does not have an obligation
to buy.
Option Arm Loan
A home loan where the borrower has
multiple payment options each month.
Original 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.
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Opportunity. Equal Opportunity Employer.