The Glossary Mortgage Terminology
Del Financial's Glossary consists of the more commonly used definitions, meanings, and descriptions used within the mortgage and real estate industry. As always, if you have any questions, please call us at (800) 469-5861.
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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.
- Original Principal Balance
- the total principal owed on a mortgage prior to any payments being made.
- Origination
- the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property valuation.
- Origination Fee
- the charge for originating a loan; is usually calculated in the form of points and paid at closing.
- Owner Financing
- a home purchase where the seller provides all or part of the financing, acting as a lender.
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