 |
|
 |
|
Nicolas Romo |
|
(714)
231-3772 |
|
Lic.
# 01787685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
Hablo Español |
 |
|
|
 |
| |
|
A, |
B, |
C, |
D, |
E, |
F, |
G, |
H, |
I, |
J, |
K, |
L, |
M, |
N, |
O, |
P, |
Q, |
R, |
S, |
T, |
U, |
V, |
W, |
X, |
Y, |
Z |
|
| |
| F |
|
|
| |
Fair
Credit Reporting Act (F.C.R.A.)
A law that protects the consumer by regulating the
reporting of consumer credit by agencies. It also
establishes the procedures for making corrections on
consumer records.
Fair Market Value
The highest price that a willing buyer would pay,
but not compelled to do so. Alternatively, the
lowest price a willing seller would accept, but not
compelled to do so.
Fannie Mae (FNMA)
A congressionally chartered, shareholder-owned
company, FNMA is the countries biggest provider of
home mortgage funds.
Fannie Mae's Community Home Buyer's Program
The Community Home Buyer’s Program offers flexible
underwriting guidelines to fund a low- to
moderate-income family's home purchase. This program
normally lowers the total amount of cash required to
buy a home.
Federal Housing Administration (FHA)
An organization under the U.S. Department of Housing
& Urban Development (HUD) that insures loans offered
by approved banks to qualified borrowers according
to HUD’s regulations.
Fees
Up-front fees associated with a mortgage.
Fee Simple
The maximum possible interest an individual can
possess in real property.
Fee Simple Estate
An unlimited, unconditional estate of inheritance
that represents the greatest estate and most
extensive interest in land that someone can enjoy
which is of everlasting duration. When the real
property is a condo, the individual unit owner is
the exclusive owner of only the air space within his
or her part of the building (the living space). He
or she is also an owner in common with respect to
the land and other common parts of the property,
such as walkways, pool area, gym facilities, bbq
areas, etc.
FHA Mortgage
A government-guaranteed mortgage loan supported by
the U.S. Department of Housing and Urban Development
(HUD) & the Federal Housing Administration (FHA).
Finance Charge
The sum dollar amount a loan will cost a borrower,
including any interest paid at closing, all interest
payments for the duration of the loan, the
origination fee and any other charges paid to the
bank and/or broker. The following fees are not
included in the finance charges: the appraisal,
title search, and credit report.
Firm Commitment
A banks agreement to grant a loan to a particular
person for a particular property.
First Mortgage
A loan that has priority over any other outstanding
loans.
Fixed-Rate Mortgage
A loan where the interest/note rate doesn’t adjust
throughout the duration of the loan.
Fixture
A fixture is personal property (such as ceiling
fans, mouldings, doors, sinks, etc.) that becomes
real property when attached in a permanent way to
real estate.
Float
A person may opt to bet on decreasing interest rates
by choosing to “float” the interest rate from the
time between the signing of the application and
close of escrow. ”Float” basically means deciding
not to lock the interest rate, which is considered
risky and may result in a higher interest rate. It
is the client’s responsibility to lock the interest
rate at -- or prior – to closing.
Flood Insurance
Insurance that is required for properties located in
federally designated flood areas and that cover
physical property damage as a result of flooding.
Forbearance
When a borrower is delinquent on the mortgage, a
forbearance is a postponement of a part or all the
payments on the loan for a limited time only.
Foreclosure
A lawful process that permits real estate to be sold
by the lender in order to pay a defaulting
borrower's debt.
401(k) & 403(b) Loan
An investment plan offered by employers that permits
participants to set aside tax-deferred income for
emergency or retirement reasons. 401(k)’s apply to
private firms like Microsoft Corporation, while a
403(b) applies to non-profit organizations, such as
schools.
401(k) & 403(b) Loan
If allowed by the plans administrator, this is a
loan that can be taken from the amount accumulated
in the 401(k) & 403(b) plans. These types of loans
are an acceptable source of down payment for the
majority of other loan types |
| |
|
|
|
|
