Glossary - CLS Financial
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Glossary

Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.

Our mortgage glossary will help you to speak to mortgage professionals with confidence.

Glossary

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There are 7 names in this directory beginning with the letter F.
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is the act that regulates the collection of credit information and access to your credit report. It was passed in 1970 to ensure fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies.

Fair Housing Act
A law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability.

Fair Market Value
The price a property can realistically sell for, based upon comparable selling prices of other properties in the same area.

Fannie Mae
Nickname for Federal National Mortgage Association (FNMA).

FHA Loan
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.

FHA Mortgage Insurance
All types of Mortgage Insurance protect the lender in the event of default. There are two types of FHA Mortgage Insurance that must be paid on all FHA loans

Fixed Rate Mortgage
A mortgage where the interest rate and the term of the loan is set for the life of the loan.