Freddie Mac


Definition of "Freddie Mac"

One of two federal agencies that purchase home loans from lenders. The other is Fannie Mae.

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Popular Real Estate Terms

Automated Underwriting System

A particular computerized system for doing automated underwriting. Mortgage insurers and some large lenders have developed such systems, but the most ...

Qualification Ratios

Requirements stipulated by the lender that the ratio of housing expense to borrower income and the ratio of housing expense plus other debt service ...

Secondary Mortgage Markets

Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage mar ...

Maximum Loan Amount

The largest loan size permitted on a particular loan program. For programs where the loan is targeted for sale to Fannie Mae or Freddie Mac, the max ...

Conforming Mortgage

A loan eligible for purchase by the two major federal agencies that buy mortgages, Fannie Mae and Freddie Mac. Conforming mortgages cannot exceed a le ...

Qualification

The process of determining whether a prospective borrower has the ability to repay a loan. Qualification Versus Approval: To be approved for a loan, ...

Popular Real Estate FAQ

What Is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation chartered by the federal government to buy pools of m ...

What Are Jumbo Mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mortgage carries a higher interest rate than a convent ...

What Is A Contingency?

A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract ...

What Is A Multiple Listing Service (MLS)?

A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and ...

How Much Will My Principal Be?

This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, ...

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

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