A consumer protection law that sets up a procedure for correcting mistakes on one's credit record.

The board which charters and regulates federal savings and loan associations, as well as controlling the system of Federal Home Loan Banks.

A lien attached to property for nonpayment of a federal tax.

An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.

A federal Agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.

A mortgage insured by the Federal Housing Administration. See the FHA Loan Primer for more details.

The mortgage that has first claim (or "lien") in the event of a default.

A mortgage in which the interest rate does not change during the entire term of the loan.

Insurance required for properties in federally designated flood areas.

A mortgage that starts with low monthly payments that increase at a predetermined rate. Be aware that most GPM's include a negative amortization clause.