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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Mortgage Terms Glossary - F

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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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Fair, Isaac and Co. - Fair Market Value - FICO - Filing Fees - Finance Charge - Firm Commitment - First Mortgage - Fixed Installment - Fixed Rate - Fixed-Rate Loans - Fixed-rate Mortgage (FRM) - Fixture - Flood Insurance - Foreclosure (or Repossession)


Fair, Isaac and Co. - The company that invented credit-scoring software.

Fair Market Value - The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

FICO - The most common credit-scoring model used by lenders, it is also known as a Fair, Isaac score. Your FICO can range from 200 to 900. According to this model, the higher your score, the less likely you are to default on your loan.

Filing Fees - The amount charged by public officials in your area for recording your mortgage and other documents.

Finance Charge - Your finance charge is the total of all the interest you would pay over the entire life of the loan, assuming you kept the loan to maturity, as well as all prepaid finance charges. If you pre-pay any principal during your loan, your monthly payments remain the same, but your total finance charge will be reduced.

Firm Commitment - A lender's agreement to make a loan to a specific borrower on a specific property.

First Mortgage - A mortgage that is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

Fixed Installment - The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal & interest.

Fixed Rate - An interest rate that is fixed for the term of the loan.

Fixed-Rate Loans - Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal & interest are also fixed for the life of the loan. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

Fixed-rate Mortgage (FRM) - A mortgage in which the interest rate does not change during the entire term of the loan.

Fixture - Personal property that becomes real property when attached in a permanent manner to real estate.

Flood Insurance - Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

Foreclosure (or Repossession) - Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.
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