Home Buying Resources

Glossary of Terms

We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate, it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary, you can easily navigate through the complicated world of buying and selling a home.

 

Click in the letter below to see the glossary

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O


open house
The common real estate practice of showing "For Sale" homes to the public during established hours.
open listing
A property given to a number of brokers to market at the same time.
original principal balance
The amount of principal owed on a loan before a borrower makes any payments.
origination fee
Fee, payable by the borrower and deducted from the principal of a loan prior to disbursement to the borrower. For federally backed loans, the origination fee is paid to the federal government to offset the cost of the interest subsidy to borrowers. For private loan programs, the origination fee is generally paid to the originator to cover the cost of administering and insuring the program.