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A consumer protection law that regulates the disclosure of consumer credit reports and procedures regarding repairing a credit record.
Federal National Mortgage Association.
The full ownership rights in a property without any reservations or restrictions.
Acronym for the Federal Housing Administration, which provides mortgage insurance and sets construction and underwriting standards. FHA does not lend money.
This figure includes the interest paid over the term of the loan, points and origination fee.
FIXED RATE MORTGAGE
A mortgage in which the interest rate does not change.
The mortgage payments are reduced or suspended for a period of time. At the end of the time, regular payments are resumed as well as a lump sum payment or additional partial payments for a number of months to bring the loan current.
The legal process by which a mortgage property may be sold when a mortgage is in default.
Federal Home Loan Mortgage Corporation.