A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

F

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
Fair Housing Act	A federal law which prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status and national origin
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
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.
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.
Federal Deposit Insurance Corporation (FDIC)	An independent federal agency that insures the deposits in commercial banks
Federal Home Loan Mortgage Corporation (FHLMC)	A corporation established to purchase primarily conventional mortgage loans in the secondary mortgage market
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
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
FHA loan	A loan insured by the Federal Housing Administration, and made by an approved lender in accordance with the FHA's regulations
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
Fee simple	The greatest interest in a parcel of land that is possible, or the total interest in real property
Fiduciary relationship	A relationship of trust and confidence, as between principal and agent, trustee and beneficiary, attorney and client
Finder's fee	A commission paid to a mortgage broker for sourcing a mortgage loan for a prospective borrower
First mortgage	A mortgage that is the primary lien against a property
Fixed-rate mortgage (FRM)	A mortgage in which the interest rate remains fixed over the duration of the term of the loan
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
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
Forfeiture	The loss of money, property, rights, or privileges due to a breach of legal obligation
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
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)
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
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
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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Real Estate Tips Tax Considerations >Not at ARMs Length A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action. The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning. For answers to all your real estate questions, consult experienced professionals who are familiar with this area. See All Tips In The "Tax Considerations" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories > Real Estate Trivia Q  What was the first land designated by the US government as a National Park? A  Yellowstone was established "as a public park or pleasuring ground for the benefit and enjoyment of people" in March 1872. See More Real Estate Trivia >

---

Mike and Amy King King Real Estate, Inc. 15308 Morningmist Ln Silver Spring, Maryland 20906 Office: 240-242-4346 Amy's cell: 301-467-1877 Mike's cell: 301-467-5677 David's cell: (301) 706-8254 Fax: 301-598-1446 Email: king@NUMBER1EXPERT.com Real Estate License: 5191 Amy's email: amyking@mris.com Mike's email: mking@mris.com David's email: dnmarshall@hotmail.com Amy & Mike King have 24 years of combined experience in the Real Estate, Mortgage and Home Building industries! Their specialty is Real Estate in Montgomery County, but also have extensive experience in Howard and Price Georges counties. They are #1 when it comes to helping families make a smooth transition when moving here. Amy & Mike are a successful team who work together with you and for you! www.montgomerymdhomes.com is brought to you by Mike and Amy King, real estate for Montgomery County, Howard County, Silver Spring, Rockville and Olney, Maryland Read Mike and Amy King's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

---

NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.