Fixed Speed Home loan: Home financing where the rate of interest and you can money are nevertheless the new same toward life of the borrowed funds

Government Housing Management FHA: A national department inside the Department from Casing and you can Urban Advancement (HUD) that provides mortgage insurance rates and you will home-based mortgages and put conditions having structure and you can underwriting. The fresh new FHA cannot provide currency.

Fannie mae FNMA: The nation’s biggest home loan buyer. Created in 1968 from the a modification so you’re able to Name II of your National Construction Work, so it stock proprietor possessed company, a fraction of whoever panel out of administrators is actually designated because of the Chairman of your own You, aids brand new additional markets during the mortgages into the house which have financial purchase and you can securitization apps. Also called Fannie mae.

fee simple: The most effective you are able to interest a person can possess into the a house, including the straight to discard the property otherwise admission they to help you an individual’s heirs.

Foreclosure: A legal processes where a good mortgaged property is sold so you can pay the the obligations in the event of standard. Weiterlesen