Loan Terminology
Term | Main definition |
---|---|
FHA Loan (Federal Housing Administration) | A government insured loan that features flexible credit standards and a low minimum down payment comes with a mortgage insurance premium (MIP). |
Fixed-Rate Loan | A mortgage loan with an interest rate that remains the same for the entire term of the loan. The principle and interest are fixed (such as 30 year fixed). |
For Sale by Owner | A property that is for sale by the owner, without the assistance of a real estate agent or broker. |
Foreclosure | The legal process that allows the lender to take possession of and sell a home, because the borrower did not meet the mortgage terms. |