Home Equity Line of Credit Costs
# 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
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- Fair Credit Reporting Act
- A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
- 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
- A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.
- Fee simple
- The greatest possible interest a person can have in real estate.
- FHA mortgage
- A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.
- Finder's fee
- A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.
- First adjustment
- When you can expect the first rate adjustment in your ARM loan.
- First mortgage
- A mortgage that is the primary lien against a property.
- Fixed-rate mortgage (FRM)
- A mortgage in which the interest rate does not change during the entire term of the loan.
- 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.
- Fully amortized ARM
- An adjustable-rate mortgage (ARM) 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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