Dictionary

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Financing Statement

See Uniform Commercial Code.

Finder’s Fee

A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

Fire

Combustion, sufficient to produce a spark, flame, or glow, that is hostile (not in a place where it is intended to be). An example of a friendly fire is a fire in your fireplace or the flame on your gas stove.

Fire and Extended Coverage Insurance

A type of policy to protect against fire, hail, windstorm, and other damage.

Fire Insurance

1) Contract that indemnifies an insured for loss caused by the destruction of the insured property resulting from fire. 2) The field of insurance that provides policies on the insured property for a variety of Perils, including Fire.

Firm Commitment

A lender’s agreement to make a loan to a specific borrower on a specific property.

First Mortgage

A mortgage that is the primary lien against a property.

Fiscal Policy

The government’s policy in regard to taxation and spending programs. The balance between these two areas determines the amount of money the government will withdraw from or feed into the economy, which can counter economic peaks and slumps.

Fixed Amount Option

A Life insurance Settlement option under which the beneficiary receives a fixed amount (such as $500 a month) for an unspecified period of time. Payments continue until the principal and interest are depleted.

Fixed Installment

The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal and interest.