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
F
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. Fannie
Mae
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD).
Its main activity is the insuring of residential mortgage loans made
by private lenders. The FHA sets standards for construction and underwriting
but does not lend money or plan or construct housing. FHA,
HUD
fee simple
The greatest possible interest a person can have in real estate.
fee simple estate
An unconditional, unlimited estate of inheritance that represents the
greatest estate and most extensive interest in land that can be enjoyed.
It is of perpetual duration. When the real estate is in a condominium
project, the unit owner is the exclusive owner only of the air space
within his or her portion of the building (the unit) and is an owner
in common with respect to the land and other common portions of the
property.
FHA coinsured mortgage
A mortgage (under FHA Section 244) for which the Federal Housing Administration
(FHA) and the originating lender share the risk of loss in the event
of the mortgagor's default.
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.
firm commitment
A lender’s agreement to make a loan to a specific borrower on a specific
property.
first mortgage
A mortgage that is the primary lien against a property.
fixed installment
The monthly payment due on a mortgage loan. The fixed installment includes
payment of both principal and interest.
fixed-rate mortgage (FRM)
A mortgage in which the interest rate does not change during the entire
term of the loan.
fixture
Personal property that becomes real property when attached in a permanent
manner to real estate.
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 mrotgage debt.
forfeiture
The loss of money, property, rights, or privileges due to a breach of
legal obligation.
401(k)/403(b)
An employer-sponsored investment plan that allows individuals to set
aside tax-deferred income for retirement or emergency purposes. 401(k)
plans are provided by employers that are private corporations. 403(b)
plans are provided by employers that are not for profit organizations.
401(k)/403(b) loan
Some administrators of 401(k)/403(b) plans allow for loans against the
monies you have accumulated in these plans -- monies must be repaid
to avoid serious penalty charges.
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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Hourglass Capital Group, LLC
Four Titus Road
P.O. Box 566
Washington Depot, CT 06794-0566
info@hourglassmortgage.com
Phone: 860.868.2810
Toll Free: 888.HR.GLASS or 888.474.5277
Fax: 860.868.2610
© 2004-2006 Hourglass Capital Group, LLC. All rights reserved.
