Mortgage Glossary – O
Fee charged by a lender to cover administrative costs of processing a loan. It usually includes the cost to prepare loan documents, check the borrower’s credits history, inspect the property and may also include cost of appraisal.
A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.