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.
The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.
The proposed charge for originating a loan; is usually calculated in the form of points and paid at closing. one point equals one percent of the loan amount. on a conventional loan, the loan origination fee is the number of points a borrower pays.
A home purchase where the seller provides all or part of the financing, acting as a lender.
Ownership is documented by the deed to a property. the type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.
The insurance policy that protects the buyer from title defects.