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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Fair Credit Reporting Act
A federal law passed by Congress to encourage the accuracy and fairness of credit reporting.
- Fair Debt Collection Practices Act
A federal law regulating debt collection. It forbids some forms of harassment and regulates how debt collectors may contact debtors.
- Fair market value
The market at which a piece of property would sell between a reasonably informed buyer and a reasonably informed seller. In real estate markets, comparable recent sales help the buyer and seller decide the fair market value.
- FDIC
Federal Deposit Insurance Corporation. The federal agency of the U.S. government manages the bank insurance funds.
- Fed
Slang for the Federal Reserve, the central bank of the United States.
- Federal Deposit Insurance Corporation
An agency of the U.S. government that manages the bank insurance funds, which insure deposits at banks and other, qualifying financial institutions up to $100,000 per account in interest and principal. FDIC insurance is mandatory for all nationally charter
- Federal Discount Rate
A very low interest rate at which Federal Reserve Bank member institutions may borrow money from the central bank on a short term basis.
- Federal funds rate
The interest rate at which banks lend money to each other, usually on an overnight basis. Money in excess of the reserves that a bank must have on hand to back up deposits are called federal funds; the rate at which banks lend that money to each other is called the federal funds rate. A target for that rate is set eight times annually by the Federal Reserve Open Market Committee, which adds or subtracts money from the monetary system to reach that target.
- Federal Open Market Committee
The committee of the Federal Reserve that meets eight times annually to set the target rate for federal funds. When you read the headline Fed changes interest rates, you're reading about action taken by this committee.
- Federal Reserve Board
The seven-member board appointed by the president to oversee the 12 member banks of the Federal Reserve System.
- Federal Reserve System
The central banking system for the United States, known as the Fed. The Fed issues U.S. currency and oversees the monetary system.
- Federal Savings and Loan Insurance Corporation
A federal institution, similar to the FDIC, that insures deposits of federally chartered savings and loan associations.
- Federal Trade Commission
This federal agency enforces consumer protection laws regarding lending, credit and debt collection.
- First lien
Usually used in the mortgage world to signify the difference between a mortgage and a home equity loan. In case of default, the first lien -- the mortgage -- gets paid first. The rate for a first lien (mortgage) will be lower than for a second lien (home equity loan) because there's greater risk that the holder of the second loan won't be paid.
- Five-Year Treasury Constant Maturity
The Federal Reserve Board publishes this index, which is based on the average yield of a range of Treasury securities. Commonly used to set rates for adjustable loans.
- Fixed installment
An unvarying loan payment.
- Float
The time between when you write a check and when it clears the bank.
- Foreclosure
The legal process by which borrowers who cannot pay their mortgages may have their homes seized and sold for the amount owed.
- FSLIC
Federal Savings and Loan Insurance Corp. This federal institution insures deposits of federally chartered savings and loan associations.
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mortgage rates |
| 11/21/2009 4:53:28 AM
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