Mortgage Glossary - F
Definitions of Mortgage Terms
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- Federal Housing Authority (FDA) - An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
- Fixed rate Mortgage - A mortgage in which the interest rate does not change during the entire term of the loan.
- Fixed rate Option- An option available on some home equity lines of credit which allows borrowers to fix the payments and interest on a portion of their balance. Customers usually can exercise the option a handful of times during the lives of their loans, and they may pay a fee for the privilege.
- Foreclosure - The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged 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.
- Fully Amortized Adjustable Rate Mortgage - A home loan whose interest rate can change, and whose amount is fully paid at the end of the term.