Definition
Foreclosure
The legal process by which a lender takes possession of the collateral after default.
Nearby terms
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.
Forbearance
A temporary agreement to reduce or suspend payments, with the missed amounts handled later by repayment plan, deferral or modification.
Freddie Mac
The Federal Home Loan Mortgage Corporation, a government-sponsored enterprise that purchases conforming loans.
Fully Indexed Rate
On an ARM, the index value plus the margin — the rate that applies once the initial fixed period ends, subject to caps.
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