Mortgage Terms O

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Original Principal Balance

The total amount of principal owed on a mortgage before any payments are made.

Origination Fee

A fee paid to a lender to cover the administrative costs of processing a loan application. The origination fee typically is stated in the form of points. One point is 1 percent of the mortgage amount.

Owner Financing

A transaction in which the property seller provides all or part of the financing for the buyer's purchase of the property.

Owner Occupied Property

A property that serves as the borrower's primary residence.

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