Mortgage Glossary – F

Fiduciary Duty – A mandatory requirement that person in a position of trust acts in the best interest of his or her client.

Finder Fee – A fee provided to the agent to match a borrower with a lender.

First Mortgage – A mortgagor who has first right on title of the property

Fixed Rate Mortgage (FRM) – A mortgage that has a set monthly payment based on the term and interest the client has chosen at loan origination.

Foreclosure – the process in which a lender can legally seize and sell a property due to the home owner not able or willing to make payments.