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first mortgage A mortgage that is the primary lien against a property. fixed-rate mortgage (FRM) A mortgage in which the interest rate does not change during the entire term of the loan. flood insurance Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. |
foreclosure
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
front ratio
A calculation of your total monthly housing expenses divided by your income.
