Foreclosure: a legal procedure where mortgaged property is ended up selling to spend the mortgage of the defaulting debtor
Fixed-Rates Financial: a home loan that have repayments one are an identical on the lifetime of your own financing since the rate of interest or other terms are repaired and do not alter.
Flooding Insurance coverage: insurance rates that covers residents up against losings regarding a flood; when the a house is located in a ton plain, the financial institution will demand flood insurance prior to giving financing.
Forbearance: a lender can get select never to simply take lawsuit when good borrower was late for making a payment. Constantly this occurs when a borrower creates an idea you to definitely both sides concur provides overdue mortgage repayments cutting-edge.
Freddie Mac: Federal Mortgage Home loan Agency (FHLM); an excellent federally chartered organization one to sales residential mortgage loans, securitizes them, and you can offers them to investors; thus giving lenders having loans for new homebuyers. (więcej…)