Fair Credit Reporting Act

A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one?s credit record.

Fee Simple

An estate in fee simple which continues for an indefinite period of time. Freehold estates may be inheritable or non-inheritable. Inheritable estates include the fee simple absolute, the qualified fee, and the fee tail. Non-inheritable estates include various life estates which are created by acts of parties, such as an ordinary life estate, or by operation of law.

First Mortgage

A mortgage that is the primary lien against a property.

Fittings

A mortgage that is the primary lien against a property.

First Instalment

The payment due on a mortgage loan.

Fixed Rate Mortgage

A mortgage in which the interest rate does not change during the term of the loan.

Fixtures

Fixed items that cannot be removed without damaging either the property or the fixture itself, eg: cupboards.

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 results in the selling of the property by auction and the proceeds being used to service the mortgage debt.

Freehold

An estate in fee simple which continues for an indefinite period of time.