Glossary of Terms

Following are mortgage and real estate related terms and definitions you may find helpful.

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Currently Viewing 'O'

Offer: A formal bid from the homebuyer to the home seller to purchase a home.

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

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 for processing a loan Application.

OTC: (The Office of Thrift Supervision). Charters federal thrifts, serves as the primary federal examiner and regulator of federal and state-chartered savings associations, and administers laws governing savings and loan holding companies.

Owner financing: A property purchase transaction in which the property seller provides all or part of the financing.

Owner Occupied: "Owner Occupied" means the property is the owner's primary residence.

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