Tools & Resources

Freddie Mac

The Federal Home Loan Mortgage Corporation (FHLMC) — a stockholder-owned corporation created by Congress that buys mortgages from lenders and resells them as securities on the secondary mortgage market. Considered a sister agency — and competitor — to Fannie Mae.

Funding of a Loan

The mortgage lender issues an agreed-upon amount of money to the seller of a property or a homeowner who is refinancing. Funding frequently takes place at closing.

Ginnie Mae

The Government National Mortgage Association (GNMA) — a governmental agency that offers special assistance in obtaining FHA-insured and VA-guaranteed mortgages.

Good Faith Estimate

A written list, required by federal law, of all the items and fees included in your estimated closing costs. The GFE includes the lender's charges, the local closing agent's charges and fees, and the estimated amounts for real estate property tax and homeowner's insurance.