Common Real Estate Terms & Mortgage Terms Explained - Part 6

More definitions for commonly used real estate terms and mortgage terms (or terminology relating to the real estate/mortgage industry):

Fixed Rate Mortgage
A mortgage loan where the interest rate is established at its origination and continues unchanged through the life of the loan.

FSBO (For Sale By Owner)
Real Estate that is sold by the owner of the property without using a real estate agent.

Foreclosure Property
The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.