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	Mortgage Info
	Glossary of Mortgage Terms [O]
	RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office mark@instantpage.org and vivian@instantpage.org

Mortgage Glossary © Copyright Mark DeBruyn-Smith | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W | OBLIGEE: The lender in a loan transaction -- the person to whom, as a result of her actions, another person owes an obligation. See also "mortgagee" or "chargee". OBLIGOR: The borrower in a loan transaction -- the person who owes an obligation to another. OPEN END MORTGAGE: A loan which is specifically drafted to allow the borrower to borrow further funds at a later date without requiring the preparation and registration of new mortgage documentation. OPEN MORTGAGE: A mortgage which may be prepaid in full or in part at any time during that life of the mortgage without notice, bonus or penalty. OPTION RISK: The downside of giving a borrower an option, such as the possibility that she may prepay an open mortgage and reduce the income generated to the lender by the accumulation of interest over the life of the mortgage. ORIGINAL EQUITY: The owner's original downpayment on a property. ORIGINAL FACE VALUE: The principal amount owed on a mortgage on the date of its negotiation as shown on the "face" of the agreement. ORIGINAL PRINCIPAL BALANCE: See "original face value". ORIGINATION FEE: See "commitment fee". OUTSTANDING BALANCE: The amount of money (including principal and interest) owing at a given date on a loan or mortgage. OWNER FINANCING: See "mortgage back" or "vendor take-back mortgage". | A | B | C | D | E | F | G | H | I | J | K | L | M | | N | O | P | Q | R | S | T | U | V | W |

©Copyright 1999 - 2008. Mark DeBruyn-Smith. Mark & Vivian DeBruyn-Smith, Sales Representatives RE/MAX Escarpment Realty Inc., Brokerage 905.570.2500 Direct / 905.525.2720 Office / 905.667.1710 Fax 119-50 Dundurn St. S., Hamilton ON. CA., L8P 4W3 All Rights Reserved. Reproduction in whole or in part is strictly prohibited except as indicated under the terms of use of this website. Use of this website signifies your agreement to the Terms of Use. The REAL ESTATE, MORTGAGE AND CONSTRUCTION GLOSSARY'S found on this Site are compilations of terms commonly used in the real estate, mortgage and construction industries. This publication has been created to provide general overview information with regard to these industries, and while generic, this information may not be applicable to all juristictions. It is provided with the understanding that the publisher is not engaged in the rendering of legal, mortgage or any other professional advice or services. If legal advice or other expert assistance is required or needed, the services of the appropriate professional should be sought and you should not rely on the information found herein. Please read the "Terms of use" of this Site for further information on this matter. Your use of this site is subject to the additional disclaimers and caveats that appear in the terms of use document.