Page 15 of 29Glossary Last Update

5/2024 Fixed-rate mortgage A mortgage that has an interest rate that does not fluctuate, but rather stays the same over the term of the mortgage. Typically comes in 30-year or 15-year term. Modules 4.1, 4.2 Fixture A physical property permanently attached to real property. If a manufactured home is permanently affixed to the land, it’s generally considered a fixture, serving as collateral for any mortgage on the property. This holds true even if the manufactured home is categorized as personal property and the mortgage loan wasn’t used to buy the home. Module 5.3 Foreclosure A legal process in which mortgaged property is sold to pay the defaulting borrower’s loan.