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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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401K / 403B : An investment plan sponsored by employers that allows individuals to set aside tax-deferred income for retirement or emergency purposes. A 401(k) applies to private corporations, while a 403(b) applies to non-profit organizations.

401K / 403B Loan : A loan that can be taken against the funds accumulated in a 401(k) or 403(b) plan, if allowed by the plan administrator. Loans against these plans are an acceptable source of down payment for most types of other loans.

Fair Credit Reporting Act : A federal law that protects consumer by regulating the reporting of consumer credit by agencies and establishes procedures for correcting errors on an individual record.

Fair Debt Collection : Broadly refers to regulation of the debt collection industry at both the U.S. Federal and state levels of government. At the Federal level, it is primarily governed by the Fair Debt Collection Practices Act ("FDCPA"). In addition, many U.S. States also have debt collection laws that regulate the credit and collection industry and give consumer debtors protection from abusive and deceptive practices. Many state laws track the language of the FDCPA, so that they are sometimes referred to as "mini-FDCPAs".

Fair Debt Collection Practices Act (FDCPA) : This act ensures that the creditors maintain a set of guidelines during debt collection. This law is basically implemented to maintain peace and justice during debt collection and mostly to protect the debtor's from the harassing behavior of the creditors.

Fair, Isaac and Co : The Company who is the inventor of the credit-scoring software.

Fannie Mae (FNMA) : The Federal National Mortgage Association is a congressionally chartered, shareholder-owned company. It is the nation's largest supplier of home mortgage funds.

Fannie Mae's Community Home Buyer's Program : A program that offers flexible underwriting guidelines to subsidize a low-to-moderate-income family s purchase of a home. The program typically decreases the total amount of cash needed to purchase a home.

Federal Housing Administration (FHA) : An federal agency under the U.S. Department of Housing and Urban Development (HUD). It insures loans made by approved lenders to qualified borrowers, in accordance with its regulations.

Fee Simple : A fee without limitation to any class of heirs; they can sell it or give it away. It is the total or absolute ownership of real property and the best title that one can obtain, as it conveys the highest bundle of rights to the home owner.

Fees : A fixed charge for a privilege or for professional services. It includes various different expenses from set up to annual charges.

FHA Loan : A government mortgage loan that is backed up and supported by the US FHA and the Department of Housing and Urban Development (HUD).

FICO : Also known as the Fair, Isaac score, FICO is the most popular and well-known credit-scoring process used by the creditors. Your FICO can range from 200 to 900. Any FICO score above 720 can be termed as a good one and any score below 550 needs major attention. According to this system, the more your FICO score raises the better your prospects are to get approved for a loan.

Final Discharge : A final discharge will be posted to you to show the end of your bankruptcy. This document will mean you are free from debt and the bankruptcy is over.

Financial Future : This term has a vast significance in your life. Your financial future is highly dependent on how you handle your financial transactions today. A healthy amount of savings will make your future secured financially. You might have to follow a strict budget and plan your purchases very carefully today but that will build you a strong financial future ahead.

Finance Charge : This is calculated on the total amount of dollars which the credit is equivalent to.

Firm Commitment : A lender's agreement to provide a loan to a specific borrower on a specific property.

First Meeting of Creditors (341 Meeting) : The First Meeting of Creditors in which the debtor is questioned under oath by the creditors, the trustee, examiner and/or the United States Trustee about his or her financial affairs.

First Mortgage : A mortgage that has priority over other mortgages.

Fixed APR : An annual percentage rate that does not change over a given period of time. Some APRs are variable, which means that they change or fluctuate.

Fixed Rate : A constant interest rate that remains unchanged during the term of loan.

Fixed-Rate Loans : Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

Fixed-Rate Mortgage : A mortgage where the interest rate does not change for the life of the loan.

Flexible payments : This means that you have the convenience of making variable payments to a company every month according to your convenience. You do not have to abide by a strict payment amount but can be flexible based on your financial strength that month.

Float : The time interval between the deposit of a check in a bank and its payment.

Forbearance : The postponement for a limited time period of a portion or all the payments on a loan when a borrower is delinquent. It may also lower the interest rate due to a creditor.

Foreclosure : A legal procedure in which real estate is sold by the lender to pay a defaulting borrower's debt.

Foreign Debt : Money owed to another country, resulting from a deficit balance of trade or a loan.

Fraud : Deliberately deceiving someone with false information about yourself in order to gain an advantage.


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Index of Terms | Complete List of Terms


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