Glossary of Mortgage Terms

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.

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.

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 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.