Glossary F

FEE SIMPLE
The absolute total interest in real property.
compare LIFE ESTATE, REVERSION

FEDERAL HOME LOAN MORTGAGE CORPORATION
A affiliate of the Federal Home Loan Bank which creates a secondary money market in conventional residential loans and in FHA and VA loans by purchasing mortgage loans from members of the Federal Reserve System and the Federal Home Loan Bank Systems.

FIDUCIARY RELATIONSHIP
A relationship of trust and confidence between principal and agent; lawyer and client; doctor and patient; etc.

FITTINGS
Items that can be removed from the property, such as furniture.

FIXTURES
Items that are part of the property, such as baths, dishwashers and curtain rods. A FIXTURE becomes part of the real property.

FORECLOSURE
The process by which a lender sells property securing a loan in order to repay the loan. Under a DEED OF TRUST, foreclosure is by public auction after appropriate advertisement. A MORTGAGE may require the lender to obtain Court approval prior to sale.

FREEHOLD
This indicates that the dwelling and the land it sits on are owned indefinitely by the owner.

FRINGE AREA
This is the area within Central Region, excluding the Central Area. It comprises the following 11 Planning Areas : Bukit Merah, Bukit Timah, Queenstown, Kallang, Bishan, Marine Parade, Geylang, Toa Payoh, Tanglin, Novena and Southern Islands.

FULLY INDEXED NOTE RATE
As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note.
[Back to Top]