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Original
Principal Balance
The total sum of principal owed on a loan prior to
any payments being made and applied to the principal
balance.
Origination Fee
The fee imposed by the bank, which is usually a
percentage of the amount borrowed by the client, to
cover certain processing costs related to providing
the mortgage.
Owner Financing
This is when the sale of a property is partially or
entirely financed by the actual seller as opposed to
a bank.
Owner's Title Policy
In the event of possible future title disputes, this
policy protects the buyer for the purchase price
amount. |
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