Bear Island Land Co., Inc.

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Dictionary of Terms



"Fannie Mae"
A common term used in real estate finance taken from FNMA (Federal National Mortgage Association). It provides a market for government secured mortgages held by primary lenders and provides them with a ready market so as to permit a greater turnover of money for loans.
Farmers Home Administration (FMHA)
Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere.
Federal Home Loan Mortgage Corporation (FHLMC)
Also called "Freddie Mac", is a quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.
Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders. FHA also sets standards for underwriting mortgages.
Fee Simple Absolute
Often called a fee or fee simple; the most comprehensive ownership of real property known to the law; the largest bundle of ownership rights possible in real estate.
FHA Insured Mortgage
A mortgage under which the Federal Housing Administration insures loans made according to its regulations by approved lenders.
A person or a position of trust or confidence. Fiduciary refers to the relationship of an agent to his principle.
Fixed Rate Mortgage
A loan in which the interest rate and the monthly payment do not change over the life of the loan.
An article of personal property which has been installed in or attaches to land or a building thereon, in a permanent manner, so that is now considered to be a part of the real estate.
A termination of the rights of the mortgagor in the property covered by the mortgage; a court process instituted by a mortgage or lien creditor to defeat any interest of equity of redemption which the mortgagor or debtor-owner may have in the property.
Freddie Mac
See Federal Home Loan Mortgage Corporation.




Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.