Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 8 names in this directory beginning with the letter F.
Fair Market Value
The price of a home or property that will bear in the current market.

Farmer's Home Administration (FmHA)
Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere.

Federal Housing Administration (FHA)
Federal Housing Administration, a division of the Department of Housing and Urban Development. FHA sets the standards for underwriting mortgages.

Federal Housing Administration (FHA) Loan
Loans which are extended by FHA approved lenders which are typically designed to assist borrowers whom are unable to get approvals for conventional home loans elsewhere.

Fixed-Rate Mortgage
A mortgage with a set interest rate for the term of borrowing. This rate will not adjust at any point during the life of the loan.

What happens before your interest rate is 'locked.' When your interest rate is in 'float,' you actively watch interest rate fluctuations and wait for a time to lock.

Flood Certification
In areas where properties are located in a flood zone, the borrower may be required to purchase standalone flood insurance before a loan is approved.

When a lender sells the asset used as a collateral in a loan to recover money owed to them from the borrower. In many cases, homes or property can be used as assets.