Glossary of Terms - F

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Fair Credit Reporting Act: A consumer protection law that regulates the disclosure of consumer reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

Federal National Mortgage Association: Popularly known as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by VA, as well as conventional home mortgages.

Fee Simple: An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate.

FHA Loan (Federal Housing Administration): A federal agency, created by the National Housing Act of 1934, for the purpose of expanding and strengthening home ownership by making private mortgage financing possible on a long-term, low down payment basis. The vehicle is a mortgage insurance program, with premiums paid by the homeowner, to protect lenders against loss on these higher risk loans. Since 1965, FHA has been part of the newly created department of Housing and Urban Development (HUD).

Finance Charge: The total cost a borrower must pay, directly or indirectly, to obtain credit.

Fixed-rate Mortgage: A mortgage whose interest rate is locked in for the life of the loan, which commonly ranges from 15 to 30 years in duration. See Adjustable Rate Mortgages (ARMs).

Foreclosure: The legal process of the mortgage lender taking possession of and selling the property. When you default on a loan and the lender determines you are incapable of making payment, you may lose your house to foreclosure.

Formula: The way in which interest rates are calculated on Adjustable Rate Mortgages. Add the margin to the index to get the interest rate.

CALL ME at 678-617-7167 to discuss your Real Estate needs. We are hard working, dedicated and honest in our approach to our clients and the industry as a whole. .

Mark Tidwell 678.617.7167
Linc Realty of Atlanta 678.394.3200

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