glossary

GLOSSARY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Online banking

One-year Constant Maturity Treasury, or 1-year CMT, is an index that is published daily by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a one-year yield.

Online bill payment

One-year Constant Maturity Treasury, or 1-year CMT, is an index that is published daily by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a one-year yield.

Online debit card

An online debit card is a plastic card that functions like a Visa or MasterCard credit card, but pulls funds from the accountholder's checking account. If the online debit card carries a Visa logo, for example, it can be used at all merchants who accept Visa credit cards. The descriptor "online" refers to how the transaction is processed; when the accountholder presents the card for purchase, the money is immediately deducted from the linked account.

Open access

Open access, also called open panel, describes a health plan that allows the insured to consult another healthcare provider in the insurance network without a referral.

Open house

A means of advertising and marketing the property that is for sale. The real estate agent markets the home by inviting buyers in to see the interior and ask questions without making an appointment.

Open listing

When a property is marketed by several real estate agents looking for a commission on the listed property,

Open mortgage

An open mortgage is a real estate property loan that doesn't have prepayment penalties.

Open panel

Open panel, also called open access, describes a health plan that allows the insured to consult another healthcare provider in the insurance network without a referral.

Open-end credit

An open-end credit is the same thing as a revolving credit line; it's an agreement between a lender and a borrower where the borrower can borrow, pay down, and then re-borrow the funds up to an approved limit.

Open-end lease

A lease agreement where the person holding the leased property is obligated to purchase the property at the end of the lease term. May also be called finance lease.

Open-end mortgage

An open-end mortgage is a real estate property loan that allows the borrower to borrow, pay down, and then re-borrow funds up to an approved debt limit.

Operating lease

An open-end credit is the same thing as a revolving credit line; it's an agreement between a lender and a borrower where the borrower can borrow, pay down, and then re-borrow the funds up to an approved limit.

Option

A legal agreement giving someone the rights to sell, buy, or lease the property under certain terms for a specific period.

Option arm

Adjustable rate mortgages that offer flexibility unavailable in any other loan offer. The borrower is able to choose between loan plans that best fit their needs and financial situations. These are excellent options for people who are self employed or who work on commission because there is some flexibility on how much you pay each month.

Optionally renewable

Optionally renewable describes an insurance feature that allows the insurance provider to cancel the policy at certain points in time, such as on the anniversary of the policy effective date.