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Fair Credit Reporting Act. A consumer protection law that sets up a procedure for correcting mistakes on one’s credit record.
Fair Market Value (FMV). Amount at which an asset would change hands between two parties, who both have knowledge of the relevant facts.
Fee simple. The maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time. Upon the death of the owner, the property goes to the owner’s designated heirs. Also known as fee absolute.
FHA loan. A mortgage that is insured by the Federal Housing Administration
First mortgage. The mortgage that has first claim in the event of default.
Fixed rate mortgage. A mortgage in which the interest rate does not change during the entire term of the loan.
Flood insurance. Insurance required for properties in federally designated flood areas.
FMV. Fair market value.
Forbearance. The lender’s postponement of foreclosure to give the borrower time to catch up on overdue payments.
Foreclosure. The process by which a mortgaged property may be repossessed by the lender and sold when a mortgage is in default.
FRM. Fixed rate mortgage.
FSBO. For sale by owner.
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