Mortgage and Loan Glossary (O)
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obligee
A person or company whose favor an obligation is entered into.
obligor
A person or company who has engaged to perform some obligation.
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.
open-end lease
A lease which may involve a balloon payment based on the value of the
property when it is returned.
original principal balance
Total amount of principal owed on a loan before any payments are made.
origination fee
A fee paid to a lender or broker for arranging a loan. The origination
fee is usually stated in the form of points. One point is equal to
one percent of the total loan amount. Also called a loan origination
fee.
owner financing
A real property purchase transaction in which the seller provides the
financing.