HELOC EXPERT GLOSSARY

Glossary: F

Browse terms beginning with F and move through the full A–Z home-equity and mortgage glossary.

Terms Starting with F

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An estimate of market rental income used for analysis, valuation or underwriting depending on the program.

A HELOC that occupies the first lien position rather than sitting behind an existing first mortgage.

An interest rate that does not change during the specified fixed-rate period.

A HELOC feature offered by some lenders that may allow part of a variable-rate balance to be converted to a fixed rate.

A determination of whether a property lies in a designated flood hazard area for lending and insurance purposes.

Insurance that may be required for properties in certain flood-hazard areas.

A temporary arrangement to reduce or pause payments, subject to servicer or investor rules.

A legal process through which a lender or lienholder may enforce its security interest after default, subject to applicable law.

The adjustable rate calculated by adding the contractual margin to the current index, subject to applicable caps or floors.

A fee associated with certain VA-guaranteed loans; applicability and amount depend on VA rules and borrower circumstances.