Glossary
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F
Fees
A fixed amount of money charged for a privilege or service.
Financial Lender
Offering asset based loans.
Find a Realtor
A real estate agent who is a member of the National Association of Realtors.
Fixed Rate Mortgages (FRM)
A mortgage in which the interest rate does not change during the entire term of the loan. also called conventional mortgage.
Fixed Mortgages
A mortgage is a type of loan where the loan is used to purchase property and the property, in turn, is used as a guarantee or lien for the loan amount.
There are several types of mortgages available including fixed rate mortgages, balloon mortgages, and adjustable rate mortgages.
In most mortgage terms there is the requirement for a down payment of some percentage of the loan. Typically the down payment must be 5% to 20% of the mortgage, although, there are some mortgages available that do not require a down payment. One advantage of paying a larger down payment of 20% or more is that the debtor is often not required to carry PMI or mortgage insurance.
In recent years the interest only mortgage has gained popularity. This type of mortgage has allowed people to buy larger homes. The drawback is if the home values fall, then many may default on their loans as the home will be worth less than the mortgage price and the home owner was unable to grow any equity over the time they lived in the house.
