Mortgage Glossary

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A person or company whose favor an obligation is entered into.
A person or company who has engaged to perform some obligation
Occupancy Rate
Percentage of currently rented units in a building, neighborhood, complex, or city.
A buyer's expression of willingness to purchase a property at the seller's specified price.
Offer to Purchase
An agreement between a buyer and seller to purchase real estate. An offer to purchase, also known as a binder or a sales contract, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.
Online Approval
Online Rate Locks
Online Status
Open-end Lease
A lease which may involve a balloon payment based on the value of the property when it is returned.
Original Principal Balance
Total amount of principal owed on a loan before any payments are made.
Origination Fee
Other Fees
Owner Financing
A real property purchase transaction in which the seller provides the financing