A person appointed by the courts to carry out the terms of a will.

Extended Mortgage

A mortgage in which the due date is extended, often at the price of a higher interest rate than the original mortgage.


An agency within the US Department of Agriculture, that offers financing for the acquisition of homes and farmland in small rural towns.

Federal Deposit Insurance Corporation (FDIC)

Created by congress in an attempt to restore the public

Federal Home Loan Bank Board (FHLBB)

Now called the Office of Thrift Supervision, this entity is the regulatory and supervisory agency of federally chartered savings institutions.

Federal Housing Administration (FHA)

An agency within the US Department of Housing and Urban Development that insures private residential loans and sets standards for underwriting these loans.

Federal Housing Administration Guarantee

An insurance contract that states that the lender will recover a specific percentage of the loan amount from the insurer if the loan goes bad.

Federal National Mortgage Association (Fannie Mae

a private corporation that is backed federally to provide financial products and services that increase the availability of private housing by purchasing mortgage loans.

Federal Reserve

The regulatory agency of many commercial banks and the center of the banking system in the United States.

Fee Simple Estate

The owner of a property has the unrestricted ability to use a property in whatever way he deems fit, which is the highest ability a person can have in real estate.


The relationship that is established when an agent or broker is representing their client

Financing Statement

A document filed with the Register of Deeds or Secretary of State securing the title to personal property.

First mortgage

In the case of foreclosure, the first mortgage will be paid first before any other mortgage.

Fixed Rate Mortgage

A mortgage rate that does not change over the life of the loan.


An item included in the sale of a property due to it being an attached extension of the property.

Flood Insurance

A form of hazard insurance required by lenders to cover property damage incurred due to floods.


The minimum rate of interest payable on an adjustable-rate mortgage.


a situation where the lender postpones repossession in order to allow the borrower to catch up on payments.

Foreclosure (Repossession)

The legal process where the lender forces the sale of a property when the buyer has not met the mortgage terms.

Forfeiture of Title

The contractual agreement that states that the title will be transferred over to another party if a specific situation occurs.

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