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

Fair Credit Reporting Act
A federal law regulating the disclosure of consumer credit reports by credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
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fair market value
The highest price that a buyer would pay, and the lowest that a seller would accept.
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Fannie Mae
A federally chartered company that is the nation's largest supplier of home mortgage funds.
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Federal Housing Administration
FHA is an agency of the U.
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fee simple
The greatest possible interest a person can have in real estate.
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FHA mortgage
A mortgage insured by the Federal Housing Administration.
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first mortgage
A mortgage that is the primary lien against a property.
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fixed-rate mortgage
A mortgage in which the mortgage interest rate remains the same during the entire term of the loan.
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Float Down Option
A borrower's option to choose a lower interest rate within 30 days before the closing of your loan.
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flood insurance
Insurance that compensates for physical property damage resulting from flooding.
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fully amortized ARM
An adjustable-rate mortgage with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.
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