Foreclosure: an appropriate procedure in which mortgaged house is sold to blow the loan of defaulting borrower

Fixed-Rates Home loan: home financing which have payments one will still be an equivalent about lifetime of your financing just like the interest rate and other words try fixed and don’t change.

Flood Insurance rates: insurance coverage you to definitely covers home owners up against losings out-of a flood; in the event that a property is situated in a flooding simple, the financial institution will require flood insurance policies ahead of granting a loan

Forbearance: a lender may determine to not bring legal action whenever a beneficial borrower is later in making a repayment. Usually this happens when a borrower creates an idea you to both parties concur brings overdue home loan repayments up to date.

Freddie Mac: Government Mortgage Mortgage Company (FHLM); good federally chartered business that instructions home-based mortgages, securitizes all of them, and you can deal these to investors; this provides you with loan providers having fund for brand new homeowners. Read the rest of this entry »