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Fair Credit Reporting Act |
A federal law that regulates the disclosure of
consumer credit reports by consumer/credit reporting agencies, and establishes
procedures for rectifying errors on individuals' credit records |
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Fair Housing Act |
A federal law which prohibits discrimination in
housing based on race, color, religion, sex, handicap, familial status and
national origin |
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Fair market value |
The highest price that a buyer, who is willing
but not required to buy, would pay for a piece of property or home, and the
lowest price that a seller, who is willing but not required to sell, would
accept |
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Fannie Mae |
The Federal National Mortgage Association (also
FNMA), a private corporation which is federally chartered to provide financial
products and services that increase the availability and affordability of
housing, by purchasing mortgages from banks and other lending institutions; the
FNMA is the largest non-bank financial services company in the world, as well
as the largest resource for financing of home mortgages in the
U.S. |
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Farmer's Home Administration
(FmHA) |
A federal agency that provides credit assistance
to farmers and other individuals residing in rural areas of the
U.S. |
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Federal Deposit Insurance Corporation
(FDIC) |
An independent federal agency that insures the
deposits in commercial banks |
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Federal Home Loan Mortgage Corporation
(FHLMC) |
A corporation established to purchase primarily
conventional mortgage loans in the secondary mortgage market |
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Federal Housing Administration
(FHA) |
An agency of the U.S. Department of Housing and
Urban Development (HUD), whose function is the insuring of residential mortgage
loans made by private lenders; while setting standards for construction and
underwriting, the FHA itself does not lend money, or construct
housing |
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FHA insurance |
Mortgage insurance provided by the Federal
Housing Administration to protect banks, savings and loans, and mortgage
companies against loss on real estate loans |
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FHA loan |
A loan insured by the Federal Housing
Administration, and made by an approved lender in accordance with the FHA's
regulations |
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Federal National Mortgage Association
(FNMA) |
A governmental agency established to purchase
any kind of mortgage loans in the secondary mortgage market from the primary
lenders |
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Fee simple |
The greatest interest in a parcel of land that
is possible, or the total interest in real property |
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Fiduciary relationship |
A relationship of trust and confidence, as
between principal and agent, trustee and beneficiary, attorney and
client |
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Finder's fee |
A commission paid to a mortgage broker for
sourcing a mortgage loan for a prospective borrower |
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First mortgage |
A mortgage that is the primary lien against a
property |
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Fixed-rate mortgage (FRM) |
A mortgage in which the interest rate remains
fixed over the duration of the term of the loan |
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Fixture |
Any item of property that is attached to real
property such that it becomes a permanent part of the real property, and
therefore is usually sold with it |
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Foreclosure |
A legal proceeding usually initiated by the
lender or creditors, involving a forced sale of a property owned by a borrower
who has defaulted on payment of, or on the terms of, a loan on said property,
and whereby the borrower is deprived of his or her interest in the
property |
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Forfeiture |
The loss of money, property, rights, or
privileges due to a breach of legal obligation |
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Forfeiture of Title |
The provision in a deed that accounts for title
being passed to another, should certain terms not be met or certain
circumstances occur |
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Freddie Mac |
The Federal Home Loan Mortgage Corporation (also
FHLMC), a private corporation that is federally chartered to purchases and
sells mortgage loans; a major player in the secondary market, along with the
Federal National Mortgage Associate (FNMA) |
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Front ratio |
The ratio of a potential borrower's monthly
housing costs to their gross monthly income, utilized by lenders to qualify an
applicant for a loan; typically 28-40 percent is acceptable |
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Fully amortized ARM |
An adjustable-rate mortgage (ARM) with a monthly
payment that is sufficient to pay off the remaining balance at the interest
accrual rate over the amortization term |
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Fully indexed note rate |
Te index value at the time of application for an
adjustable rate mortgage (ARM) plus the gross margin stated in the
note |
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
 See More Real Estate Trivia > |
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Sherry (Zellars) Brower & Phil Brower
Realteam Real Estate Center
296 W Sunset Ave.
Coeur d'Alene, ID. 83815
Direct Line to Phil: 208-660-0072
Fax: 208-667-0292
Sherry's cell : 208-661-0191
Email: phil@lakecityteam.com
Email: sherry@lakecityteam.com
SHERRY is an 18 yr Realtor, helping over 525 buyers and sellers reach their goals. Phil is her partner & ONLY ONE CALL OR E-MAIL AWAY FROM HELPING YOU FIND THE RIGHT PROPERTY!! WHETHER IT'S A SMALL COTTAGE, A BRAND NEW HOME, A LUXURY WATERFRONT ESTATE, 5 ACRES OF RAW LAND, OR A DUPLEX, he is constantly previewing all newly listed properties.
When we help you to own a home (at no extra charge to you) we will give you our full attention starting with, LISTENING to your NEEDS & DESIRES, e-mailing you lots of PROPERTY PHOTOS to review privately, recommending experienced lenders with the BEST LOANS, suggesting favorite ACCOMODATIONS for your visit, showing you YOUR CHOICE of properties, negotiating for your BEST INTERESTS, recommending INSPECTORS who have a critical eye, TITLE Companies to expedite the paperwork, & recommending CONTRACTORS to make the property your own.
We specialize in helping you make your next move the best you've ever had!!
Representing a dedication to his profession, Phil is a candidate of the Certified Residential Specialist designation.
Phil would love to talk to you about your real estate needs and get you started toward owning property in North Idaho, so call him today!
Sherry loves to list homes in North Idaho and uses the latest technology to make the best impression of the home. This is only one of three websites that we have, to attract buyers to our listings. Call Sherry to get her started selling your home today.     
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