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Mortgage Terms Glossary

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Offer: indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing. 

Open-end mortgage: a mortgage allowing the borrower to receive advances of principal from the lender during the life of the loan. See also: closed-end mortgage. 

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 charge for originating a loan; is usually calculated in the form of points and paid at closing.

Related Topics:

Private Mortgages

First Time Home Buyer

Rent to Own Home

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