David J. Welsh - Real Estate Glossary

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O

Offer

indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

Origination

the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

Origination fee

The charge for originating a loan; is usually calculated in the form of points and paid at closing.

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