Get into the conversation with real estate terminology. Understand the words that will present and protect you in all your real estate investments.
Fair Credit Reporting Act (FCRA):
This is a law protecting buyers from several different actions which may be carried out by either credit bureaus, lenders and parties providing details on customers to the credit bureaus.
Fair Market Value:
This is the price that a property is to be exchanged under between the seller and buyer, both parties must have the required knowledge of property sale facts with no force insisting on the exchange of the property.
A New York stock ex-change company. This is a company working in the stock exchange field, it is publicly run and carries out function under federal laws.
This is a lender of a loan which has been approved legally on behalf of the organisation stated.
Fannie Mae/Freddie Mac Loan Limit:
This is a limit on a loan for a single family living in the specified property.
Federal Housing Administration (FHA):
This is an agency which exists inside a federal government who's responsibility is to insure any loans or mortgages which have been provided privately.
This is a loan which is insured by a form of federal government.
When a property has a lien held against it, this is the mortgage which applying that lien.
First-Time Home Buyer:
This is the party who has no interest what so ever in the owning of the property which holds in a residence, this would be a valid statement for the 3 year time slot that follows after the sale of the house acting as security.
Fixed Period Adjustable Rate Mortgage:
This is an ARM that features a rate which is fixed for an agreed period, until a certain point of time where it can change periodically up until the end of the loan.
This is a mortgage which features a rate of interest rate that cannot be altered throughout the whole lifecycle of the agreement.
Flood Certification Fee:
This a a charge made on properties that are located inside an area marked as a known zone of flooding.
This is a form of insurance that is used to cover the cost of any damage that is caused from floods.
This is an action, which is legal, has the power to close any right of ownership that exist for a property when there is any failure depositing funds for payments that are required.
This is where there is some form of loss due to an un-agreed action taken place involving a legal agreement.
Fully Amortized Mortgage:
This is a mortgage where the payments, which are made monthly, are planned to end the fixed obligation when the term of the mortgage closes.
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