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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
F
- Fair Housing Act
- Federal law prohibiting discrimination based on race, color, national origin, sex, religion, marital status, and disability during the entire home purchase process.
MORTGAGE LOAN EXAMPLES: Fair Housing Act
- Fair Lending Notice
- Disclosure regarding the Housing Financial Discrimination Act of 1977 that is distributed to a potential borrower.
RELATED MORTGAGE TERMS: Disclosures|Housing Financial Discrimination Act of 1977
MORTGAGE LOAN EXAMPLES: Fair Lending Notice
- Fair Market Value
- In terms of real estate, it is the value a given property and any building upon it has at a given time based on value comparisons of similar properties around it under the current market conditions.
- Fannie Mae (FNMA)
- Formally known as the Federal National Mortgage Association, they are governemt backed and the largest mortgage investor in the United States. They buy loans from mortgage lenders and sell them on the secondary market.
SIMILAR MORTGAGE TERMS: Freddie Mac (FHLMC)|Lender|Secondary Market
MORTGAGE LOAN EXAMPLES: Fannie Mae
- Federal Home Loan Mortgage Corporation (FHLMC)
- See Freddie Mac (FHLMC)
- Federal Housing Administration (FHA)
- Established in 1934, the FHA has operated to extend homeownership to all Americans. They provide mortgage insurance that enables lenders to offer mortgage loan programs to individuals who would not qualify for a conventional mortgage.
RELATED MORTGAGE TERMS: Conventional Mortgage|FHA Mortgage
MORTGAGE LOAN EXAMPLES: Federal Housing Administration
- Fee Simple
- Ownership of real estate that has no liens and no claims against its title.
RELATED MORTGAGE TERMS: Lien|Title
- Federal National Mortgage Association (FNMA)
- See Fannie Mae
- Federal Truth in Lending Act
- See Truth in Lending Act
- FHA
- See Federal Housing Administration
- FHA Mortgage
- Residential mortgage loan typically requiring a lower down payment and is insured for the lender by the Federal Housing Administration.
RELATED MORTGAGE TERMS: Federal Housing Administration (FHA)
- FICO Score
- Most widely used credit scores in the mortgage loan industry. The FICO scoring model was developed by the Fair Isaac Corporation and can be seen in most credit reports.
RELATED MORTGAGE TERMS: Credit Report
MORTGAGE LOAN EXAMPLES: FICO
- Finance Charge
- In terms of a mortgage loan, it is the charge that consists of interest costs that are based on the annual percentage rate.
RELATED MORTGAGE TERMS: Annual Percentage Rate (APR)
- Financial Analysis
- In terms of a mortgage loan, it is the determination of financial goals that need to be met from a loan program. A knowledgable mortgage broker or loan officer may aid to find an affordable monthly payment plan that can improve credit scores by evaluating an individual's credit history and income. Many credit problems can be relieved by using built equity in a property to pay off high interest credit card debt that is not even tax-deductable.
RELATED MORTGAGE TERMS: Loan Officer (LO)|Mortgage Broker
- Firm Commitment
- Based on specified terms, it is the commitment made by a lender to a particular borrower.
- First Lien
- Debt from a mortgage loan that has the primary claim against the title of a given property.
SIMILAR MORTGAGE TERMS: First Mortgage
- First Mortgage
- Primary lien against the title of a given property.
RELATED MORTGAGE TERMS: Lien
- Fixed Rate Mortgage (FRM)
- Mortgage loan where the interest rate remains the same throughout the life of the loan. Is commonly also referred to as a "30 year fixed".
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)
- Fixed Income
- Income that is not from employment in which the amount of money received per month does not change. Social security benefits and disability income are two types of fixed income.
RELATED MORTGAGE TERMS: Award Letter
- Flexible Payment ARM
- See Pay Option Adjustable Rate Mortgage
- Float
- Fluctuations of interest rate and the amount of points charged in a mortgage loan that are based on changes in the market. Rate locks reduce the risk from negative fluctuations in the market that could raise an interest rate for a borrower.
RELATED MORTGAGE TERMS: Points|Rate Lock
- Float-down
- Option offered from particular rate locks of a mortgage loan program where the borrower may reduce their interest rate if the market rate declines.
RELATED MORTGAGE TERMS: Rate Lock
- Flood Insurance
- Insurance that covers damages resulting from a flood. In terms of approving a mortgage loan, lenders are likely to require flood insurance in areas where floods occur frequently.
RELATED MORTGAGE TERMS: Hazard Insurance
MORTGAGE LOAN EXAMPLES: Flood Insurance
- Forbearance Agreement
- Document that delays the legal proceedings of a foreclosure where the borrower has arranged to repay the balance of a mortgage loan that is past due.
RELATED MORTGAGE TERMS: Foreclosure
MORTGAGE LOAN EXAMPLES: Forbearance Agreement
- Foreclosure
- Legal proceedings where the property of a defaulted mortgage loan is auctioned to recover the loan debt and legal expenses for the lender.
- Freddie Mac (FHLMC)
- Formerly known as the Federal Home Loan Mortgage Corporation, this federal corporation buys loans from mortgage lenders and then sells them on the secondary market.
SIMILAR MORTGAGE TERMS: Fannie Mae (FNMA)|Lender|Secondary Market
- Full Documentation
- In terms of a mortgage loan, it is the satisfaction of a lender's requirement for providing income verifcation. In contrast to "stated income", full documentation is usually established by providing a current year W-2, 1099, or a year of consecutive bank statements.
RELATED MORTGAGE TERMS: Stated Income|Stips
- Fully Amortized ARM
- Adjustable rate mortgage loan where the monthly payments are sufficient to cover the entire balance by the end of the loan term.
RELATED MORTGAGE TERMS: Amortization|Adjustable Rate Mortgage (ARM)
- Funding
- Disbursement of funds to all delgated to receive money from a mortgage loan.
- Funding Fee
- Compensation paid to a lender for the actual distribution of funds.
- Funding Bank
- In a mortgage loan where the lender is not funding the loan, it is the bank that secures the money for the approved amount.
MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
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