Mortgage
Terms
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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
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Earnest Money
Money given by a buyer to a seller as part of the purchase price to bind a transaction
or assure payment.
Entitlement
The VA home loan benefit is called an entitlement (i.e. entitlement for a VA
guaranteed home loan). This is also known as eligibility.
Equal Credit Opportunity Act (ECOA)
Is a federal law that requires 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.
Equity
The difference between the fair market value and current indebtedness, also referred
to as the owner's interest. The value an owner has in real estate over and above
the obligation against the property.
Escrow
An account held by the lender into which the home buyer pays money for tax or
insurance payments. Also earnest deposits held pending loan closing.
Escrow Disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage
insurance, and other property expenses as they become due.
Escrow Payment
The part of a mortgagor’s monthly payment that is held by the servicer
to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other
items as they become due.
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