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One-Year Adjustable - A loan whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin chosen by the lender.

Origination Fee - The fee charged by a lender to prepare loan documents, make credit checks, and inspect and sometimes appraise a property, usually computed as a percentage of the face value of the loan.

Owner's Policy - A title insurance policy issued to a property's owner. It protects the owners equity against hidden title defects.