A mortgage on which the lender is insured against loss by the Federal Housing Administration, with the borrower paying the mortgage insurance premium. The major advantage of an FHA mortgage is that the required down payment is very low.
A first lien position on the property that secures the mortgage. A first mortgage has priority over all other liens or claims on a property in the event of default.
FIXED RATE MORTGAGE
A mortgage on which the interest rate and monthly mortgage payment remain unchanged throughout the term of the mortgage.