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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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F - Fair Credit Reporting Act, fair market value,
Fannie Mae…more
FAIR CREDIT REPORTING ACT (FCRA) - a Federal law, in part, giving one the right
to see his or her credit report so that errors may be corrected. A lender loan
broker/agent (credit grantor) refusing to advance credit based upon a credit
report it receives from a credit repository, is compelled by law to reveal to
the potential borrower, the name of the credit repository which issued the
lender loan broker/agent with the credit report. You are allowed to see that
report, dispute any errors contained in it, and have a copy of it - BUT, not
from the lender loan broker/agent; your copy must be obtained from the credit
repository directly.
FAIR MARKET VALUE - the price at which a property is transferred between a
willing buyer and a willing seller, each of whom has a reasonable knowledge of
all pertinent facts, and neither being under any compulsion to buy or sell.
Generally, the likely selling price of your home, as appraised.
FANNIE MAE (FNMA) - The Federal National Mortgage Association (FNMA), the
nation's largest mortgage investor. Created in 1968 by an amendment to Title
III of the National Housing Act (12 USA 1716 et seq.) to fund FHA type loans,
this stockholder owner corporation, a portion of whose Board of Directors is
appointed by the President of the United States, supports the secondary market
in mortgages on residential property with mortgage purchase money and
securitization programs for "conforming" residential real property loans
("conforming" started in the early 1970's).
FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) - Federal agency, which, among other
things, directs the activities of the Federal Insurance Administration, and
established flood insurance rates and terms of coverage, issues policies,
processes claims, and identifies and maps flood-prone areas nationwide.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) - a Great Depression agency
originally established by the Federal Banking Act of 1933, to protect
depositors from loss.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - See Freddie Mac below.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - see Fannie Mae above.
FF&E - "Furniture, Fixtures & Equipment", a phrase often used in commercial
equipment leasing. A combination of items like "furniture" (in a dentist or
lawyer’s office), "fixtures" (liquor store room - mounted shelves, security
system) & "equipment" (bakery - baking equipment, restaurant - walk-in
refrigerator/freezer) commonly utilize commercial small business equipment
finance-lease structures.
FHA (FEDERAL HOUSING ADMINISTRATION) MORTGAGE - a loan insured by the Federal
Housing Administration. FHA mortgages require lower down payments than
conventional mortgages, and also feature less stringent income and financial
requirements.
FIRST AND SECOND MORTGAGES - the documents that entitle a lender to the
property that secures the loan if the borrower fails to meet his/her
obligations per the loan arrangement. While your first mortgage enables you to
buy your home in the first place, a second mortgage provides for refinancing
and literally hundreds of different lifetime opportunities (see difference
between "mortgage" and "trust deed").
FIRST LIEN - primary claim by the lender for satisfaction of outstanding debt.
Gives lender the right to raise this money by foreclosing property if you fail
to make payments you've agreed to.
FIXED AND ADJUSTABLE RATES - the way the interest on your loan is determined. A
fixed rate of interest stays the same over the life of the loan; an adjustable
(or "variable") rate changes, increasing or decreasing periodically according
to an index which reflects general trends.
FIXED-RATE MORTGAGE - a home loan with a
mortgage interest rate that remains constant for the life of the loan.
The most common fixed-rate mortgages have typically been
30 year fixed rate mortgages and
15 year fixed rate mortgages .
FORBEARANCE - the act of refraining from taking legal action despite the fact
that the mortgage is in arrears. It is usually granted only when a mortgagor
makes satisfactory arrangements to pay the delinquent amount owed at a future
date.
FREDDIE MAC (FHLMC) - The Federal Home Loan Mortgage Corporation (FHLMC), the
second largest investor of residential real estate mortgage loans, created by
Congress in Title III of the Emergency Home Finance Act of 1970 (12 USC 1451 et
seq.), to provide an alternative source to Fannie Mae, for "conforming"
residential real estate mortgage loans. This stockholder owned corporation, a
portion of whose Board of Directors is appointed by the President of the United
States, supports the secondary market in mortgages on residential property with
mortgage purchase money and securitization programs for "conforming"
residential real property loans.
FRONTAGE - the property line abutting the most important adjacent property,
usually a street, lake, river or ocean.
FULL INCOME VERIFICATION - a requirement for fully documented proof of income;
loans that contain this requirement can usually offer lower interest rates than
formal no-income verification programs. Other types of income verification also
exist including
stated income mortgages and no doc mortgages .
FUNCTIONAL DEPRECIATION - in real estate, a loss of value due to advancements
in technology or design that makes the features of the current facility
obsolete. Also called functional obsolescence.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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