offer
Indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

original principal balance
The total amount of principal owed on a mortgage before any payments are made.

origination
The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

origination fee
The charge for originating a loan; is usually calculated in the form of points and paid at closing.

owner financing
A property purchase transaction in which the property seller provides all or part of the financing.