Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

earnest money deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.
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easement
A right of way giving an entity other than the owner access to or over a property.
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effective gross income
Annual income that is regular or guaranteed.
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Equal Credit Opportunity Act (ECOA)
A federal law requiring lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
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equity
The difference between the fair market value of the property and the amount still owed on its mortgage.
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escrow account
The account in which a mortgage servicer holds the borrower's escrow payments.
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escrow disbursements
The use of escrow funds to pay real estate taxes, insurance, and other property expenses as they become due.
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escrow payment
The portion of a mortgagor's monthly payment that is held by the lender to pay for taxes, insurance, and other items as they become due.
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eviction
The lawful expulsion of an occupant from real property.
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