MORTGAGE DICTIONARY

Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 4 names in this directory beginning with the letter E.
Earnest Money
A deposit paid to the seller by the buyer as a pledge to complete a real transaction. If the seller accepts the offer, the deposit is held in escrow and applied to closing costs when the deal is closed.

Equal Credit Opportunity Act (ECOA)
A federal law that prevents lenders from discriminating applicants based on race, religion, national origin, sex, age, marital status or involvement in public assistance programs.

Equity
The measurable value of a home or property above that owned on a loan.

Escrow
A neutral third part who carries out instructions for both the buyer and seller to handle all the paperwork of settlement or 'closing.' This term may also refer to an account help by the lender into which the homebuyers pays money for a tax or insurance payment.
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