Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Fair
Credit Reporting Act:
It is a consumer protection law which regulates the revelation
of customer credit reports by consumer/credit reporting agencies
and establishes procedures for correcting mistakes on one's credit
record.
Fair market value:
Fair market value means the highest price that a consumer, willing
but not bound to buy, would pay, and the lowest a seller, willing
but not bound to sell, would accept.
FHA mortgage:
FHA mortgage is a kind of mortgage which is insured by the Federal
Housing Administration (FHA). Along with VA loans, an FHA loan
will often be referred to as a government loan.
Firm commitment:
Firm commitment means a lender's contract to make a loan to a
particular borrower on particular assets.
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