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Glossary of Mortgage Terms

Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.
Open House

An open house is a planned event where people can look at a house that is for sale. It is usually hosted by the seller's real estate agent for a set amount of time, usually one to three hours.

Open-End Mortgage

With an open-end mortgage, you can borrow more money later, up to a certain amount, without having to get a second loan or refinance.

Origination Fee

Your lender will charge you an origination fee at closing to cover the costs of processing, underwriting, and funding your mortgage loan.

Ownership Interest in a Property

Ownership interest in a property is the set of legal rights you hold as an owner or co-owner of real estate, covering how you can use, share, and pass on your stake in the home.

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Glossary of Mortgage Terms