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Real Estate Terms - letter F



Real Estate Terms - letter F

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Letter F


Fair market value
The highest price that a buyer, willing but not obliged to buy, would pay, and the lowest a seller, willing but not forced to sell, would accept.

Fee simple
The greatest probable interest an individual can have in real estate.

FHA mortgage
A mortgage that is assured by the Federal Housing Administration (FHA). Also called as a government mortgage.

Finder's fee
A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

Firm commitment
A lender's agreement to make a loan to a particular borrower on a exact property.

First mortgage
A mortgage that is the main lien against a property.

Fixed installment
The monthly payment due on a mortgage loan. The predetermined payment includes payment of both principal and interest.

Fixed-rate mortgage (FRM)
A mortgage in which the interest rate does not alter during the entire term of the loan.

Fixture
Private property that becomes real property when attached in a permanent manner to real estate.

Flood insurance
Insurance that compensates for physical property damage resulting from flooding. It is vital for properties located in federally designated flood areas.

Forfeiture
The loss of money, property, rights, or human rights due to a breach of legal obligation.