glossary - O
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Mid-Island Mortgage Corp. understands that the mortgage process is filled with phrases and terms that may be confusing and unfamiliar to those new to buying a home as well as those who have purchased and refinanced their homes in the past. We've provided a glossary to help clear away some of the mystery associated with the mortgage process.
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original principal balance
The total amount of principal owed
on a mortgage before any payments are made.
origination fee
A fee paid to a lender for processing
a loan application. The origination fee is stated in
the form of points.
One point
is 1 percent of the mortgage amount.
owner financing
A property purchase transaction in
which the property seller provides all or part of the financing.
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