2/23/2018

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 Mortage Definitions

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

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Mortgage Definitions and Terms (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. 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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