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Definitions of Mortgage Terms

To view the mortgage terms starting with a particular letter, select it below:

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

Face Rate - The contractual interest rate stated in a mortgage document or other financial instrument.

Face Value - The face value of the loan is the amount of money the borrower promises to repay (at the contract rate of interest).

Fee - An inheritable estate in land. The right of ownership of a property.

Fee Simple - The highest estate or absolute right in real property.

FICO - A numeric assessment of credit worthiness provided to consumers requesting online credit reports, which may differ somewhat from BEACON and EMPIRICA scores used by Equifax and TransUnion respectively. FICO is an acronym for Fair, Isaac and Co., a US company responsible for developing both BEACON and EMPIRICA scores.

Fiduciary - An individual or a trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between him or her. The relationship between a trustee and a beneficiary is an example of a fiduciary relationship.

Final Order of Foreclosure - A judgement which extinguishes the mortgagor's (defendant's) equity of redemption and beneficial title goes over to the mortgagee. With an equitable mortgage, the equitable estate is forfeited and transferred to the mortgagee.

Finder's Fee - A fee or commission paid by a lender to a mortgage professional for referring a mortgage loan.

First Mortgage - A mortgage registered before all others on title.

Fiscal Policy - The policy pursued by the Federal Government to direct the economy through taxation and the level and allocation of public spending.

Fiscal Year - A corporation's fiscal year. Some companies do not use the calendar year for their bookkeeping.

Fixed Assets - Fixed assets are typically long term in nature. The value of fixed assets to a company lies in their use in producing goods and services, rather than in their sale value. Fixed assets wear out time or otherwise lose their usefulness.

Fixed Rate Mortgages - One of two common variations involving blended (amortized) mortgages in which the interest rate is fixed for a specified term, the other being a variable rate mortgage.

Fixture - Chattels that have been attached to the land or building so as to lose their character as chattels.

Forbearance - The waiving of a covenant in a mortgage document.

Foreclosure - A legal remedy available to a mortgagee where there is default under any of the covenants in the mortgage. It deprives the mortgagor of their equitable right to redeem.

Fraud - A false representation of fact knowingly made by an individual that induces another person to act upon the representation.

Freehold Estate - An estate in land or real property of uncertain duration that is either of inheritance or for the life of the tenant. There are three (3) freehold estates: fee simple, fee tail and life estate.

Front-end Money - Funds required to start a development and generally advanced by the developer or equity owner as a capital contribution to the project.

Fully Amortized Mortgage - A mortgage in which the amortization period and the term are the same.

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