A mortgage where the annual rate changes from year to year.
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Terms starting with: O
Open-end lease
A type of lease that offers lowers payments, but more risk to the lessee because he or she must pay the difference between the residual value of the automobile as stated in the lease and the fair market value, if lower, at the end of the lease.
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Original principal balance (OPB)
The amount of money borrowed from a lender.
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Origination date
The specific date on which a loan is funded by the lender to the borrower.
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Origination fee
A fee charged by the lender to the borrower for processing a loan.
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What is an Open Mortgage?
A type of loan that can be paid off prior to maturity without penalty.
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