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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Fannie Mae A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.
Federal Home Loan Mortgage Corporation- FHLMC- Freddie Mac Quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.
Federal Housing Administration- FHA A government agency, division of the Department of Housing and Urban Development (HUD), that insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
Federal Reserve The central bank of the United States and major regulatory agency for many commercial banks.
Fee Simple Absolute ownership of a property
FHA Mortgage A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government mortgage.
FICO Score FICO® scores are the most widely used credit score in U.S. mortgage loan underwriting. This 3-digit number, ranging from 300 to 850, is calculated by a mathematical equation that evaluates many types of information that are on your credit report. Higher FICO® scores represent lower credit risks, which typically equate to better loan terms.
First Mortgage The primary lien against a property.
Fixed Installment The monthly payment due on a mortgage loan including payment of both principal and interest.
Fixed-Rate Mortgage (FRM) A mortgage interest that are fixed throughout the entire term of the loan.

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