Online Approval - Top

An instant approval provided by some online lenders as soon as you complete the online application.  An online approval saves you time.

Obligee - Top

A person or company whose favor an obligation is entered into.

Obligor - Top

A person or company who has engaged to perform some obligation

Occupancy Rate - Top

Percentage of currently rented units in a building, neighborhood, complex, or city.

Offer - Top

A buyer's expression of willingness to purchase a property at the seller's specified price.

One Step Construction Loans - Top

A One Step Construction Loan is for a new house and can be structured for a 9 or 12 month draw period during which the home is built. There is no need for new financing after the construction phase – the loan automatically rolls to a fixed or adjustable rate term mortgage, at the interest rate you locked in before construction!

Open-end Lease - Top

A lease which may involve a balloon payment based on the value of the property when it is returned.

Original Principal Balance - Top

Total amount of principal owed on a loan before any payments are made.

Origination Fee - Top

The fee charged by a mortgage lender for creating a mortgage loan. This fee covers some of the lender’s operating costs and profit. Typically 1% of the loan amount.   For our comparison purposes, the origination fee is considered to be a lender fee.

Owner Financing - Top

A real property purchase transaction in which the seller provides the financing