Mortgage Glossary - O

Definitions of Mortgage Terms

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One Year Adjustable Open End Credit Origination Fee

 

• One year adjustable - Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by the lender.
• Open End Credit - A line of credit that may be used up to a set limit. Also called a charge account or revolving credit.
• Origination Fee- On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.