Mortgage Glossary – O
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Origination Fee
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.
Open House
A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
Option
A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
