Fair Market Value
An appraisal term for the price which a property would bring in a competitive
market given a willing seller and willing buyer, each of whom has a reasonable
knowledge of all pertinent facts, with neither being under any compulsion
to buy or sell.
An estate under which the owner owns a complete interest in the property
and is entitled to the unrestricted use and enjoyment of the property,
including the right to dispose of the property.
Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac)
A quasi-governmental agency that purchases conventional mortgages in the
secondary mortgage market from depository institutions and Department
of Housing and Urban Development (HUD) approved mortgage bankers.
Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development (HUD). Its
main activity is the insuring of residential mortgage loans by private
Federal National Mortgage Association (FNMA, Fannie Mae)
A tax paying corporation created by Congress to support the secondary
mortgage market. It purchases and sells residential mortgages insured
by FHA or guaranteed by VA as well as conventional home mortgages.
A total of all costs imposed directly or indirectly by the creditor and
payable either directly or indirectly by the customer, as defined by the
federal Truth-in-Lending laws.
Fixed Rate Loan
A loan on which the same rate of interest is charged for the life of the
Personal property which is permanently attached to real property, and,
as such, becomes part of real property.