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Mortgage Tools Glossary
Glossary of terms used on this site
There are 84 entries in this glossary.F
| Term | Definition |
|---|---|
| Fair Market Value |
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. |
| Fannie Mae (FNMA) |
The Federal National Mortgage Association, a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. |
| FHA Mortgage |
A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan. |
| Firm Commitment |
A lender's agreement to make a loan to a specific borrower on a specific property. |
| First Mortgage |
The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions. |
| Fixed-Rate Mortgage |
A mortgage in which the interest rate does not change during the entire term of the loan. |
| Flood Insurance |
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. |
| Foreclosure |
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction, with the proceeds of the sale being applied to the mortgage debt. |
At University Mortgage our Higher Degree of ServiceSM provides you with a complete education in the home loan process that we call a Mortgage Cum LaudeSM. Learn More.
