FrontDoor.com

E

Earnest money -- Money given by a buyer to a seller as a form of deposit (part of the purchase price) in order to bind a transaction or to ensure payment.

Easement -- A right of way which gives people other than the owner access to a property.

Encroachment -- An illegal intrusion on someone else's property.

Encumbrance -- A lien or claim on a property.

Entitlement -- VA home loan benefit are known as entitlement and/or eligibility.

Equal Credit Opportunity Act (ECOA) -- 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 value an owner has in real estate over and above the debt of the property. For example, if a homeowner owns a house valued at $100,000 and has a mortgage balance of $20,000, the homeowner's equity is $80,000 (the value minus the mortgage balance). The homeowner's equity increases or decreases accordingly as the value of the house increases or decreases. The lender's equity is equal to the value of the outstanding loan.

Escrow -- Funds that are set aside and held in trust. Usually used for payment of taxes, insurance, etc.

<< D I F >>