Mortgage Glossary - O

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Obligations - Any debt, or recurring payment the borrower is obligated to pay, including mortgage payments.

Origination Fee - The fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of face value of the loan.

Owner Occupied - Designation given to property used as the owner's residence.

Owners Policy - A policy of the title insurance which protects the buyer against problems with the title.