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Glossary

Mortgage Glossary

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Occupancy Rate

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

Offer

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

Offer to Purchase

An agreement between a buyer and seller to purchase real estate. An offer to purchase, also known as a binder or a sales contract, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.

Open-end Lease

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

Origination Fee

A fee charged by a lender as a way to cover processing expenses or to increase their profitability for originating a mortgage loan. Most commonly, the origination fee is expressed as a percent of the loan amount. For our comparison purposes, the origination fee is considered to be a lender fee.

Owner Financing

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