Mortgage Glossary

Offer:

Indication by a potential buyer of a willingness to purchase a home at a specific price.  The offer is usually presented in writing.

On Q Financial:

A premier Mortgage Banker that provides expert counsel, low rates and costs, and Client First service at the highest standard of integrity and performance.

Origination:

The process of preparing, submitting, and evaluating a loan application.  The process 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.