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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
F
Fair
Housing Act: a law that prohibits
discrimination in all facets of the homebuying process
on the basis of race, color, national origin, religion,
sex, familial status, or disability.
Fair
market value: the hypothetical price that a
willing buyer and seller will agree upon when they are
acting freely, carefully, and with complete knowledge of
the situation.
Fannie
Mae: Federal National Mortgage Association
(FNMA); a federally-chartered enterprise owned by
private stockholders that purchases residential
mortgages and converts them into securities for sale to
investors; by purchasing mortgages, Fannie Mae supplies
funds that lenders may loan to potential homebuyers.
FHA:
Federal Housing Administration; established in
1934 to advance homeownership opportunities for all
Americans; assists homebuyers by providing mortgage
insurance to lenders to cover most losses that may occur
when a borrower defaults; this encourages lenders to
make loans to borrowers who might not qualify for
conventional mortgages.
Finance
Charge: The total dollar amount your loan will
cost you. It includes all interest payments for the life
of the loan, any interest paid at closing, your
origination fee and any other charges paid to the lender
and/or broker. Appraisal, credit report and title search
fees are not included in the finance charge calculation.
Fixed-rate
mortgage: a mortgage with payments that remain
the same throughout the life of the loan because the
interest rate and other terms are fixed and do not
change.
Float:
Between the time of application and closing, a
borrower may choose to bet on interest rates decreasing
by electing to float. Floating is essentially choosing
not to lock the interest rate.
Flood
insurance: insurance that protects homeowners
against losses from a flood; if a home is located in a
flood plain, the lender will require flood insurance
before approving a loan.
Foreclosure: a legal process in which mortgaged
property is sold to pay the loan of the defaulting
borrower.
Freddie
Mac: Federal Home Loan Mortgage Corporation (FHLM);
a federally-chartered corporation that purchases
residential mortgages, securitizes them, and sells them
to investors; this provides lenders With funds for new
homebuyers.
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