Online Approval
An instant approval provided by some online lenders as soon as you complete the online application. An online approval saves you time.
Back to top

Online Rate Locks
The ability to lock in an interest rate directly from the website of a lender. The online rate lock capability means you don't have to make telephone contact during business hours when you are ready to lock in your interest rate.
Back to top

Online Status
The ability to obtain status details about the progress of your mortgage request at the website of the lender. This convenience allows you to learn about the status of your request anytime you'd like.
Back to top

Obligee
A person or company whose favor an obligation is entered into.
Back to top

Obligor
A person or company who has engaged to perform some obligation
Back to top

Occupancy Rate
Percentage of currently rented units in a building, neighborhood, complex, or city.
Back to top

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

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.
Back to top

Open-end Lease
A lease which may involve a balloon payment based on the value of the property when it is returned.
Back to top

Original Principal Balance
Total amount of principal owed on a loan before any payments are made.
Back to top

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.
Back to top

Other Fees
One of our goals is to provide you with apples to apples comparison of all the fees charged by our top lenders to obtain a loan. Fees listed as other fees cannot easily be compared to any standard fee type and should be evaluated and compared separate from the standard fees.
Back to top

Overlying Mortgage
Overlying Mortgage refers to a subordinate mortgage with lesser claim amount when compared to a senior mortgage on the same real estate.
Back to top

Owner Financing
A real property purchase transaction in which the seller provides the financing.
Back to top