A real property purchase transaction in which the seller provides the financing
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.
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.
Original Principal Balance
Total amount of principal owed on a loan before any payments are made.
A lease which may involve a balloon payment based on the value of the property when it is returned.
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.
A buyer's expression of willingness to purchase a property at the seller's specified price.
Percentage of currently rented units in a building, neighborhood, complex, or city.
A person or company who has engaged to perform some obligation
A person or company whose favor an obligation is entered into.