First Mortgage
A mortgage that has a primary lien against a property.

Fixed-Rates Mortgage
A mortgage with an interest rate and monthly payments that remain constant over the life of the loan.

Fixture
Property, such as a hot water heater or plumbing fixture, that has become permanently attached to piece of real estate and goes with the property when it is sold.

Flood Certification
An independent agency report required by the lender to determine whether a property is located in a flood hazard zone, which would then require a federally mandated flood insurance policy.

Foreclosure
A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt.