Mortgage Glossary

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There are 2 terms in this glossary beginning with the letter O.
a verbal and written offer to buy a home for a certain dollar amount made from a buyer to a seller.

Origination fee
a fee, calculated as a small percentage of the value of the loan, charged by a mortgage lender for processing the loan. One of many fees often due at closing and one that must be disclosed on the Good Faith Estimate when a buyer first completes a loan application.