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Terminology
Here Are Some Helpful Terms Used Throughout The Real Estate,
Mortgage, and Title Processes.
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Open End Mortgage |
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See Mortgage (Open-End)
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Origination Points |
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A fee that is charged by the lender to originate your loan. The fee is typically set up as a percentage of the loan amount (i.e. a 1 point origination fee is equal to 1% of the loan amount). |
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Owner Financing |
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A property purchase transaction in which the property sellers provide all or part of the financing by means of holding a second mortgage. Minimum duration for this "seller second" is 5 years with most lenders. |
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