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 Mortgage glossary: Letter O
 
One-Time Close Loan A construction loan whereby you obtain construction financing and permanent financing, and lock in a permanent mortgage rate at the same time. See also Two-Time Close Loan.

Origination Fee A fee charged to cover costs associated with finding, documenting, and preparing a mortgage application, and usually expressed as a percentage of the loan amount.

Owner's Policy Title insurance made for the benefit of the homeowner.


 
 
 
 


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