Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit reports by credit reporting agencies and establishes procedures for correcting mistakes on a person's credit record.
Fair market value
A fair price for a home based on recent sales of properties of similar size and quality in the neighborhood.
Nickname for Federal National Mortgage Association. It is a government-chartered non-bank financial services company and the nation's largest source of financing for home mortgages. It was started to make sure mortgage money is available in all areas of the country.
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD) that insures residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money.
A mortgage insured by the Federal Housing Administration (FHA).
A mortgage in which the interest rate does not change during the entire term of the loan, most often 15 years or 30 years.
Insurance that compensates for physical property damage resulting from rising water. It is required for properties located in federally designated flood areas.
The legal process by which a homeowner in default on a mortgage is deprived of interest in the property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Nickname for Federal Home Loan Mortgage Corp. A financial corporation chartered by the federal government to buy pools of mortgages from lenders and sell securities backed by these mortgages.
If the letter "F" appears after the annual percentage rate (APR) the interest rate is fixed and not subject to adjustment.