Northeast Funding Services

Where What's Best For You Matters Most

  • About
    • Our Company
    • Testimonials
    • Services
    • Locations
      • New York Mortgage Broker
      • South Carolina Mortgage Broker
  • Purchase
    • Conventional Mortgage
    • VA Home Loans
      • VA Loans: 10 Things To Know About The 100% Mortgage Program
      • 5 things to know about getting a VA loan
      • VA Home Loans: A Benefit You’ve Earned
    • FHA Loan
    • USDA Loan
    • Reverse Mortgage
      • Reverse Mortgage Counseling
      • Types of Reverse Mortgages
      • FAQ’s about Reverse Mortgages
      • Are Reverse Mortgages Good?
    • Pre-Qualify
  • Refinance
    • Conventional Mortgage
    • VA Home Loans
      • VA Loans: 10 Things To Know About The 100% Mortgage Program
      • 5 things to know about getting a VA loan
      • VA Home Loans: A Benefit You’ve Earned
    • FHA Loan
    • USDA Loan
    • Reverse Mortgage
      • Reverse Mortgage Counseling
      • Types of Reverse Mortgages
      • FAQ’s about Reverse Mortgages
      • Are Reverse Mortgages Good?
    • Cash Out Refinance
    • Debt Consolidation
    • No Cash-out Rate & Term
  • FASTRAC
    • When You Need it Done Now
  • Learning Center
    • Rates
    • Home Loan Videos
    • See the Steps
    • Mortgage Products
    • Mortgage Calculator
    • Blog
    • Mortgage Glossary
  • Contact
    • Contact Us
    • New York Mortgage Broker
    • South Carolina Mortgage Broker
  • Apply Now

Mortgage Glossary – F

Mortgage Glossary – F

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

Fair, Isaac and Co. 
The company that invented credit scoring software.

Fannie Mae 
A common nickname for the Federal National Mortgage Association.

FDIC 
See Federal Deposit Insurance Corporation.

Federal Deposit Insurance Corporation (FDIC) 
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation’s banking system.

Federal Home Loan Mortgage Corporation – 
(FHLMC, or Freddie Mac) 
A Quasi government agency that buys 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 buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

Fee Simple 
Absolute ownership of real property giving the right to dispose or pass on the property.

FHA 
See Federal Housing Administration.

FHA Loans 
Fixed- or adjustable-rate loans insured by the U.S. Department of Housing and Urban Development. FHA loans are designed to make housing more affordable, particularly for first-time homebuyers.

FHLMC 
Federal Home Loan Mortgage Corporation.

FICO 
The most common credit-scoring model used by lenders, it is also known as a Fair, Isaac score. Your FICO can range from 200 to 900. According to this model, the higher your score, the less likely you are to default on your loan.

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

Fixed-Rate Loans 
Fixed-rate loans have interest rates and payment that remain the same for the life of the loan.

Flood Insurance 
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

FNMA 
Federal National Mortgage Association.

Forbearance 
The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent.

Foreclosure (or Repossession) 
A legal process by which a mortgaged property may be sold to pay off a mortgage loan that is usually in default.

Freddie Mac 
A common nickname for the Federal Home Loan Mortgage Corporation.

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

Purchase Pre-Qualify

Keep the dream alive by getting pre-qualified before you start looking for a home.

go

VA Home Loans

100% Financing may be an option if you're a United States Veteran, Service Member, or not remarried spouse.

go

Refinance / Debt Consolidation

Using the equity in your home to payoff other bills or needs is a great option.

go

Reverse Mortgages

Stop fighting to stay afloat. Use the reverse mortgage to give you quality of life and eliminate your mortgage payment and other bills.

go

Recent Posts

VA home loans for United States veterans offered by Northeast Funding Services

VA Loans: 10 Things To Know About The 100% Mortgage Program

VA Home Loans: A Benefit You’ve Earned

Reverse mortgage loans are provided by Northeast Funding Services

Reverse Mortgage Counseling

Reverse mortgage loans are provided by Northeast Funding Services

Are there different types of reverse mortgages?

About Us

  • Our Company
  • Locations
  • Services
  • About Us

Learn

  • See the Steps
  • Mortgage Products
  • Mortgage Calculator
  • Blog

Purchase / Pre-Qualify

  • New Home
  • VA Home Loans

Refinance

  • Cash Out Refinance
  • Debt Consolidation
  • VA Home Loans
  • No Cash-out Rate & Term
  • Reverse Mortgage
  • Get Rates

Contact Us

125 Wolf Road
Suite 217
Albany, NY 12205

518-782-1855

Email Us Bob@northeastfunding.com

638 E. Point Dr
Gilbert, SC 29054

Registered Mortgage Broker New York Department of Financial Services, Connecticut Department of Consumer Affairs, and South Carolina Department of Consumer Affairs NMLS ID#46813. Loans provided through third party providers.

Terms & Conditions

  • Privacy Policy

© 2022 · Website Design by PCS Web Design