FindCredit : Glossary

Home > Glossary

Glossary
We realize some of the credit wording the banks use can get confusing. We've put together this glossary to help you better understand commonly used words, phrases, and acronyms in the credit industry.

Glossary

	A \| B \| C \| D \| E \| F \| G \| H \| I \| J \| K \| L \| M \| N \| O \| P \| Q \| R \| S \| T \| U \| V \| W \| X \| Y \| Z
	F (Fixed)
	If the letter "F" appears after the annual percentage rate (APR) the interest rate is a fixed rate and is not subject to adjustment.

	Fair Credit Reporting Act (FCRA)
	The FCRA is the U.S. federal legislation that governs the actions of all CRAs.

	Fair Debt Collection Practices Act (FDCPA)
	The FDCPA is U.S. federal legislation that prohibits abusive and unfair debt collection practices.

	Fair Market Value
	The terminology 'fair market value' refers to the highest price that a buyer will pay, and the lowest price a seller will accept. Generally, the fair market value is established by the local town/city tax assessment value for the property being sold.

	Fee Simple
	The highest possible interest rate a borrower can have in real estate is referred to as the 'fee simple'.

	Finance Charge
	A customer’s total dollar amount that credit will cost.

	Finance Charge
	A finance charge is a charge made for consumer credit, including interest and other certain fees. (Read Agreement Terms)

	Finder
	A finder’s fee is a fee that is paid to a mortgage broker for locating and arranging a mortgage loan for a prospective borrower.

	First Mortgage
	A first mortgage is the primary lien against any mortgaged property.

	Fixed Rate
	A fixed interest rate is an interest rate that does not vary based on an index, but is fixed at a set interest rate.

	Fixed Rate (or Fixed APR)
	The interest rate does not change during the entire term of the loan.

	Fixed-Rate Mortgage (FRM)
	A fixed-rate mortgage is a home mortgage loan rate that does not change during the full term of the loan period.

	Foreclosure
	The terminology 'foreclosure' is the legal process in which a borrower becomes default in their mortgage payment and is removed from their interest in the said property. Often, when a borrower becomes default in their loan the property is sold at a public auction and the proceeds of the sale are applied directly to the mortgage debt remaining. Any funds collected that exceed the remaining balance owed to the lender are returned to the original borrower.

	Foreign Currency Surcharge
	A foreign currency surcharge covers the cost of converting purchases made in a foreign currency to the cardholder’s home currency rate and any applicable fees attached.