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Mobile Home Finance Dictionary > F
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Fair Credit Reporting Act (FCRA): A federal law that enables all consumers to learn what information credit reporting agencies have on file and to dispute inaccurate date in the file.
Fair Debt Collection Practices Act: A federal law that protects all consumers from abuse or threats from collection agencies trying to collect overdue payments on behalf of the original creditor.
Fair Housing Act: A federal law that prohibits any type of discrimination in all housing and real estate transactions.
Fair Credit Reporting Act: A federal law that allows individuals to examine and correct credit information about them that is used by credit reporting services.
Fair market value: The amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under any pressure to buy or sell.
Fannie Mae: A quasi-governmental agency established to purchase from the primary lenders any kind of mortgage loans in the secondary mortgage market.
FHA loan: A loan made by an approved lender in accordance with the FHA's regulations and insured by the Federal Housing Administration.
Finance Charges: The total dollar amount that is charged to use credit, which includes any interest and/or other costs.
Financial institutions: The organizations such as commercial banks, savings and loan associations, credit unions, savings banks and insurance companies that deal in money or claims to money and serve the function of channeling money from those who wish to lend to those who wish to borrow.
First Mortgage: A home loan that has priority over the claims of any additional or subsequent lenders for the same property in the event of default.
Fixed assets: The tangible property such as buildings, furniture and fixtures and equipment that are used in a business operation that is not for sale and is shown on the financial statement of the company.
Fixed Expense: Any expense that does not change from period to period, such as loan payments.
Fixed-Rate Mortgage: A loan where the interest rate and payments remain the same over the life of the loan. All of Chattel Mortgage loans have a fixed rate.
Floating rate: An interest rate that is not fixed over the term of a loan, bond, or other fixed-income security, but is allowed to vary according to the change in a specified index. See adjustable Mortgage. Example: Financial Securities Company created a floating mutual fund based on a portfolio of adjustable-rate mortgages yield on the fund varies from year to year depending on the in rates charged on the ARMS in portfolio.
Flood Insurance: An insurance policy required by a lender if a buyer's house is located in a flood zone, as determined by the National Flood Insurance Program (NFIP).
Forbearance: The act by which a creditor extends time for payment of a debt or forgoes for a time the right to enforce legal action on the debt or the legal process used to force the payment of a debt secured by collateral whereby the property is sold to satisfy the debt.
For-Sale-By-Owner (FSBO): A home that is offered for sale by the owner without the use of a real estate agent.
Freddie Mac: An independent stock company that creates a secondary market by purchasing conventional and also FHA and VA residential loans.
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