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

Second Mortgage

A loan with a second-priority claim against a property in the event that the borrower defaults. Second Mortgages Versus Home Equity Lines: A second ...

Automated Underwriting System

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

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 ...

Non-Conforming Mortgage

A mortgage that does not meet the purchase requirements of the two federal agencies, Fannie Mae and Freddie Mac, because it is too large or for othe ...

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, ...

Points

An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means ...

Popular Real Estate FAQ

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 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 ...

How Much Money Can I Borrow To Buy A Home?

To begin, you\'ll need to figure out what your gross income is (before taxes) monthly and yearly. To get a quick ballpark figure, take the yearly inc ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that combines personal liability insurance and hazard insurance coverage for a residence and its contents. ...

Besides Making My Monthly Mortgage Payment, How Can I Build Equity Into My House?

When making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan rather than the interest ...

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