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Today's Mortgage Terms starting with F

Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac):

A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

Federal Housing Administration (FHA):

A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.

Federal National Mortgage Association (FNMA or Fannie Mae):

This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

FHA Loans:

Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.

First Mortgage:

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

Fixed Rate Loan:

Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.

Foreclosure:

A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.

View all Terms
Richland refinance mortgage news:
Financial News
Mortgage rates drop to lowest level since January - Fort Worth Star-Telegram
Saginaw woman gets 10 years for role in beating death Blockbuster will roll out 99-cent video rentals in January Food news and notes: Central Market Southlake adds cooking school; holiday events in Colleyville, North Richland Hills and Dallas Dallas ...

State Supremes: unsubstantiated allegations of teacher sexual ... - Spokane Spokesman-Review
In a case where the 11 petitioners are all known as John Doe, the state Supreme Court ruled 6-3 this morning that unsubstantiated allegations of teacher sexual misconduct can be withheld from public disclosure. School districts can investigate any ...

Tri-City mortgage market grows with FHA-backed loans - Tri-City Herald
Mike Martin recently refinanced out of an adjustable rate mortgage and into an Federal Housing Administration loan for his Richland home. Though the real estate market has slowed in the Tri-Cities, the number of FHA-backed loans has grown. Getting ...

Mid-Columbia construction slowing, remodels picking up - Tri-City Herald
When new housing starts to slow down, home remodels tend to pick up. It's a trend that David Barber, owner of Barber Construction in Walla Walla, is observing in this time of economic uncertainty, tighter lending standards and a softening housing ...

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