|
|
 |
|
|
- Fair Market Value:
The price at which property is transferred between a buyer and a seller, each
of whom has reasonable knowledge of all the facts and neither being under any
compulsion to buy or sell.
- Federal Housing Administration (FHA):
A federal agency with the Department of Housing and Urban Development (HUD) that
provides mortgage insurance for residential mortgages and sets standards for construction
and underwriting.
- Federal Home Loan Mortgage Corporation:
Popularly known as Freddie Mac. A privately owned corporation created by Congress
to support the secondary mortgage market with mortgage purchase and securitization
programs.
- Federal National Mortgage Association (FNMA):
Popularly known as Fannie Mae. A privately owned corporation created by Congress
to support the secondary mortgage market with mortgage purchase and securitization
programs.
- Fee Simple:
Having full title ownership of an estate.
- FHA Loan:
A loan insured by the Federal Housing Administration open to all qualified home
purchasers.
- FHA Mortgage Insurance:
FHA requires a fee (up to 2.25 percent of the loan amount) paid at closing to
insure the loan. In addition, FHA mortgage insurance requires a monthly installment
of .50 percent of the loan amount. The lower the down payment, the more years
the insurance must be paid.
- Finance Charge:
The total cost a borrower must pay to obtain credit according to Regulation Z.
- First Mortgage:
A mortgage that gives the lender a security right over all other mortgages of
the property.
- Fixed Rate Mortgage:
A mortgage where the interest rate does not change for the life of the loan.
- Fixed Rate Mortgage:
A mortgage in which the interest rate and payments remain the same for the life
of the loan.
- Float:
The borrower chooses not to lock the interest rate.
- Foreclosure:
A legal procedure in which a mortgaged property is sold by the lender to pay a
defaulting borrower's debt.
- Forward Commitment:
An agreement between a buyer and seller for delivery of a specific commodity at
a given time in the future, at a strike price determined at present.
- Full-Doc Loan:
This refers to a mortgage loan where the borrower(s) verify all of their personal
income.
- Fully Amortized Fully Indexed Rate:
A mortgage which as a zero balance at the end of the mortgage term. The index
plus the margin for the adjustable rate mortgage.
- Funding:
Payment of loan money by a lender to a borrower to purchase real estate. Also
the payment of money by investors to lenders for mortgages sold to them by the
lender.
|
 |
Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
|
|
"F"
