Mortgage Dictionary for words that start with letter O
Obsolescence - Impairment of desirability and usefulness brought about by changes in the art, design or process or from external influencing circumstances that make a property less desirable and valuable for a continuity or use.
Offer - A promise by one party to do a specified deed as the other party in turn performs a specific deed.
Office of Comptroller Currency - A federal government regulatory agency that oversees some commercial banks.
Office of Thrift Supervision - A federal government regulatory agency that oversees savings and loans.
Open End Mortgage - A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.
Open Listing - An authorization given by a property owner to a real estate Broker wherein said Broker is given the nonexclusive right to secure a purchaser; open listings may be given to any number of Brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.
Origination Fee - A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.
origination fee - A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned, such as one percent.
owner financing - A property purchase transaction in which the property seller provides all or part of the financing.
Owner of Record - The individual (s) named on a deed that has been recorded at the local municipality.
Owners Policy - Title insurance for the owner of property, rather than a lien holder.
Ownership - The right to possess and use property to the exclusion of others.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.