Called Freddie Mac; a part of the secondary market, particularly used to purchase loans from savings and loan lenders within the Federal Home Loan Bank Board.

Popularly known as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.

An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate.

A loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development).

The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulation Z.

A conventional loan with a single interest rate for the life of the loan.

The maximum interest rate on an ARM that can be reached at the first adjustment.