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Loan Glossary - F
Finance Charge
 

The total amount of interest, prepaid finance charge and specific required insurance premiums (if applicable) that the borrower is expected to pay over the life of the loan.


First Mortgage
 

A real estate loan with a lien (i.e., mortgage or deed of trust) on the subject property that has priority over any subsequently lien.


Fixed Interest Rate
 

An interest rate that does not change during the entire term or life of the loan.


Fixed Monthly Debt
 

The amount of monthly payment required to be paid each month. Sometimes referred to as "minimum monthly payment" for credit card or revolving accounts.

 

 


 

 

 

 

 

   
 

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