Fixed Rates Mortgage: A home loan where in fact the rate of interest and you may costs will always be the latest same into lifetime of the loan
Federal Property Administration FHA: A national agencies in the Service from Construction and you will Metropolitan Development (HUD) giving home loan insurance rates and you may home-based mortgages and put criteria for design and you may underwriting. The FHA does not provide money.
Federal national mortgage association FNMA: The country’s premier mortgage trader. Created in 1968 from the a modification so you’re able to Identity II of your National Construction Act, it stock manager possessed company, a portion of whose panel away from administrators was designated from the Chairman of your own You, supporting the fresh new secondary market into the mortgages for the home which have home loan pick and you can securitization software. Often referred to as Fannie mae.
fee-simple: The very best possible notice a person can possess in the real estate, such as the to dispose of the house otherwise ticket they to help you a person’s heirs.
Foreclosure: An appropriate process where good mortgaged home is offered to afford the a fantastic financial obligation in the event of standard.
Funding: Percentage of money of the loan providers to possess an interest rate settlement, or even the bill of cash by the lenders regarding investors out-of buy mortgage loans.
Authorities Federal Financial Association GNMA: Established in 1968 by the a modification to your Identity III from new National Construction Operate that it federal government enterprise is actually a component a portion of the Agencies away from Construction and you can Urban Advancement.