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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 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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