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FHA Mortgage

An FHA mortgage is a “first-time home buyer’s mortgage”. It requires a much smaller down payment than conventional loans. Home buyers usually only have to put five percent down instead of the preferred twenty percent most lenders require. The amount…

Fixed-Rate Mortgage

A Fixed Rate Mortgage charges the same percentage rate of interest over the entire term of the loan (usually 10, 15, 20, or 30 years). Homeowners repay the loan with a fixed, monthly installment of principal and interest.

Foreclosure

A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.