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 Loan Terms

Loan Definitions
Loan Terms (A)
Loan Terms (B)
Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)


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The Mortgage Process


Loan Terms and Definitions (O)

Oath: A legally and morally binding attestation by a person. A promise to tell the truth or to carry out a duty and may require the word "swear" and or to place a hand on a bible.

Offer: In real estate, a written or verbal proposal to purchase real property.

Open End Mortgage: A loan in which the lender allows the mortgagor to borrower additional funds under the same mortgage, depending on certain criteria.

Open Mortgage: A mortgage in which the lender allows the borrower to repay the loan early without penalty.

Option To Buy: A contract between a buyer or seller stipulating that the buyer has the right to purchase property at a stated price and terms by a set date. Usually offered to a tenant who rents until the set date of purchase.

Ordinary Income: Income that does not come from capital gains or investments. Ordinary income is earned wages, commissions, salaries, tips, severance pay and other income.

Origination Fee: A percentage of a loan amount that is charged to a borrower as a cost of preparing a mortgage application and gathering and processing documentation.

Or More Clause: A clause in a deed of trust that allows the borrower to make additional payments without penalty. The words "or more" comes after the specified payment.

Ownership: The right of quiet enjoyment, use, and the right to dispose of property. Property may be restricted by zoning regulations and laws, liens, and other restrictions.

Owner To Carry Mortgage: A term used to denote that a seller is willing to carry a purchase money mortgage on the sale of his or her property.

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