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Mortgage Loan Glossary

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E

Earnest Money
In terms of a real estate purchase it is the sum of money given to bind the sale. In terms of a mortgage loan it is an advance of funds to ensure the processing of a loan.
SIMILAR MORTGAGE TERMS: Deposit
Effective Federal Funds Rate
Interest rate that federal funds trade at on average each day.
Eminent Domain
Right of the government to take private property for public use by paying fair market value for the land and any fixtures built upon it.
Encryption
Method used to prevent any unauthorized individual from viewing your personal information over the Internet. Loan4loan.com uses the highest level of encryption to keep your personal information secure.
MORTGAGE LOAN EXAMPLES: Encryption
Energy Efficient Mortgage (EEM)
FHA mortgage loan feature where the homebuyer is enabled to purchase energy efficient amenities for their home.
RELATED MORTGAGE TERMS: FHA Mortgage
Equal Credit Opportunity Act (ECOA)
Federal law prohibiting credit denial based on race, color, religion, national origin, sex, marital status, disability, or source of income.
MORTGAGE LOAN EXAMPLES: Equal Credit Opportunity Act
Equifax
One of the three major credit bureaus.
RELATED MORTGAGE TERMS: Credit Bureau|Experian (TRW)|Transunion
Equity
In terms of real estate it is the value an individual has in a property considering its established appraised value minus any unpaid mortgage loan balances.
RELATED MORTGAGE TERMS: Appraised Value
MORTGAGE LOAN EXAMPLES: Equity
Equity Skimming
Predatory lending tactic used to sell an unnecessary refinanced mortgage loan just to make a profit on the equity of an individual's property.
RELATED MORTGAGE TERMS: Predatory Lending
Equity Stripping
See Equity Skimming
Escrow
Third party that holds title documents and money of an individual until all conditions of a real estate transaction are satisfied.
Escrow Account
Account with funds from a mortgage loan that is delegated to paying the taxes and insurance of the property.
Escrow Payment
Also known as an escrow disbursement, it is an amount of money from an escrow account that is distributed to a company for a due tax or insurance payment.
RELATED MORTGAGE TERMS: Escrow Account
Estimated Closing Costs
Estimation of closing costs before a mortgage loan is approved by the lender.
RELATED MORTGAGE TERMS: Good Faith Estimate (GFE)
Estimated Prepaid Items
Item that is seen in a good faith estimate that estimates the amount of mortgage loan funds that will be delegated to an escrow account for certain property expenses.
RELATED MORTGAGE TERMS: Escrow Account|Good Faith Estimate (GFE)
Experian (TRW)
Formerly known as TRW, Experian is one of the three major credit bureaus.
RELATED MORTGAGE TERMS: Credit Bureau|Equifax|Transunion

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