Glossary (click letters)
Original Principal Balance
The total amount of principal owed on a mortgage before any payments are made.
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.
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.