The total amount of principal owed
on a mortgage before any payments are made.
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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.
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Owner Financing ¬
A transaction
in which the property seller provides all or part
of the financing for the buyer's purchase of the
property.
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Owner Occupied Property¬
A property
that serves as the borrower's primary residence.
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