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 Mortage Definitions

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Mortgage Definitions


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Mortgage Terms (F)

Fair Credit Reporting Act: A federal law that gives an individual the right to a copy of his or her credit report. If credit is denied because of what is stated on the report, the individual can request a copy of the report, free of charge.

Fannie Mae (Federal Home Loan Mortgage Association): As a Federal Agency set up in 1938, the Fannie Mae charter was established to buy FHA mortgages. In 1968, the charter was changed, making Fannie Mae eligible to buy conventional mortgages in addition to FHA mortgages.

Federal Deposit Insurance Corporation (FDIC): The Federal Deposit Insurance Corporation was created in 1933 as an independent agency of the United States government to insure bank deposits, usually up to $100,000, in the event the bank fails, or is forced to close, and the bank does not have adequate funds to cover such deposits.

Federal Fair Housing Law: Law established to promote equality in the housing market. It makes it illegal to discriminate in the sale or rental of residential property for reasons due to race, color, religious affiliation, sex, or national origin.

Federal Tax Lien: A lien attached to property by the Internal Revenue Service (IRS) for nonpayment of taxes. Unlike certain other liens, it cannot be removed by filing bankruptcy.

FHA (Federal Housing Administration): The Federal Housing Administration is a governmental agency set up to insure and guarantee first mortgages, thus making housing affordable for many who could not qualify for conventional loans.

FICO Score (Fair Isaac Company Score): The FICO Score, based on numbers between 300 and 850, is a standardized system devised to evaluate a borrowers credit risk. The FICO score is commonly used by lenders when processing and underwriting a borrowers loan application.

First Mortgage or First Trust Deed: The first mortgage is one that has priority over other mortgages and liens on property. In case of foreclosure, the first mortgage is satisfied ahead of all the rest, except in the case of an IRS lien.

Fixed Rate Mortgage: A mortgage that is secured by real property that has an interest rate that remains the same over the life of the loan.

FmHA (Farmer Home Administration): A federal agency established to make and insure loans to farmers and for rural housing.

Foreclosure: A foreclosure is the legal right of a lender to cause a mortgagor to forfeit his rights to the use of a property while the lender takes the property and sells it to recover it's collateral due to the mortgagor's failure to make the necessary mortgage payments.

Freddie Mac (Federal Home Loan Mortgage Corporation): A governmental agency that was set up in 1986 to buy mortgages in the secondary mortgage market. The mortgages must meet guidelines that have been established by Freddie Mac.

Fully Amortized Loan: A loan that is to be paid within a set time with equal, regular payments causing the principal and interest to be paid in full by the due date.

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