Definition
First Lien
The mortgage with priority over all other liens, paid first in a foreclosure.
Nearby terms
FHA Loan
A mortgage insured by the Federal Housing Administration, permitting lower credit scores and 3.5% down, with mortgage insurance that is permanent on most current loans.
FICO Score
The credit scoring model most widely used in lending.
Fixed-Rate Mortgage
A loan whose interest rate remains unchanged for the entire term.
Float Down
A provision allowing a borrower with a locked rate to take a lower rate if the market improves before closing, usually for a fee.
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