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Mortgage Lingo, M - P |
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Mortgage Lingo
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M NOP |
One-year Adjustable - A loan whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by the lender.
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Origination Fee - The fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
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Owner's Policy - A title insurance policy issued to a property's owner; it protects the owner's equity against hidden title defects.
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