Boardman,Ohio. Homes for sale and real estate for sale in Poland, Canfield, Youngstown, Austintown, Warren and Salem in the Mahoning Valley - Mahoning, Trumbull and Columbiana Counties. From REMAX Valley Real Estate.

Real Estate Glossary

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RE/MAX Valley Real Estate, Mahoning County, 1006 Boardman - Canfield Rd., Ohio 44512

Office of Federal Housing Enterprise Oversight (OFHEO)

Now known as Federal Housing Finance Agency (FHFA).

Office of Public and Indian Housing (PIH)

(PIH) ensures safe, decent, and affordable housing, creates opportunities for residents' self-sufficiency and economic independence, and assures the fiscal integrity of all program participants

Ohio Association of REALTORS^® (OAR)

is the Ohio largest professional trade association and self regulatory organization. Composed of real estate professionals (REALTORS), who've joined the local, state and national associations of REALTORS, OAR's members have agreed to abide by the National Association of REALTORS' stringent Code of Ethics.

Ohio Division of Real Estate and Professional Licensing

is part of the Department of Commerce. The Division is responsible for licensing Ohio's real estate brokers and salespeople, real estate appraisers, and foreign real estate dealers and salespeople. The Division is also responsible for the registration of cemeteries located in Ohio and the registration of real estate developments located in other states but marketed in Ohio.

Ohio Housing Finance Agency (OHFA)

offers affordable housing opportunities for Ohioans from rental assistance to homeownership. OHFA provides access to financial resources for the development and management of quality, affordable housing. The Agency's programs serve first-time homebuyers, renters, senior citizens and other populations with special needs who otherwise might not be able to afford quality housing.

See ► Real Estate Guide: Mortgages/State -

open house

A selling technique used by real estate agents and ® whereby the public is invited to view the house without appointment.

option

In real estate, options are legal instruments that convey the right, but not the obligation, to engage in a future purchase of defined real property at an agreed upon option price, within a specified period if time. (An option is very often applied in the form of lease option.)

See ► Real Estate Guide: Mortgages/Lease Options -

original principal balance

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

origination fee

An origination fee is a fee for establishing a new loan. This fee is paid to the bank or your loan broker for his or her services in originating the loan.

The fee usually varies from 0.5% (half a point) to 2% (two points) of the loan amount, depending whether the loan was originated in the prime or the subprime market.

An origination fee of 2% on a $200,000 loan is $4,000. In some cases, one has to pay points plus origination fees.

Most banks/brokers charge an Origination Fee to make the loan happen. Some loan structures also call for Discount Points used to buy down the interest rates, temporarily or permanently. Origination Fee and Discount Points are both items listed under lender-charges on the HUD-1 Settlement Statement.

Broker or loan origination fee is paid to the person handling your loan application. This fee can be a set price or can be stated as percentage of your loan amount. The origination fee can be located at the top of your good faith estimate and should be disclosed within 3 days after applying for a home loan. Always ask your lender to quote rates with and without origination fees. Then, discuss your situation and determine which model best meets your needs.

Origination fees are charged by the lender or Broker and are expressed as a percentage of the loan amount. They must be disclosed on the Good Faith Estimate and on the final closing papers, commonly called the HUD (short for "HUD-1 Settlement Statement").

In order for any lender to originate a loan without an origination fee, the interest rate will be higher to make up for that loss of revenue.

Note: An origination fee is not the same as an application fee which is usually charged as well.

owner financing (seller financing)

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

See ► seller take-back.