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Mortgage Glossary

Earnest Money

A deposit made in good faith when you make an offer on a home. The money is generally applied to the down payment at closing, and is not refundable.

Easement

A right of way that allows you access to another owner's property for a specific purpose — for example, access to a water line.

Equal Credit Opportunity Act (ECOA)

A federal law requiring lenders to make credit equally available to all applicants without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of public assistance.

Equity

Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000Your "financial interest" in a property, determined by subtracting all amounts owed from the property's current market value. Example: Property Current Market Value = $200,000 Mortgage Loans and Liens = $150,000 Owner's Equity = $50,000

Equity Line of Credit

An open-ended loan using the equity you have in your home as security for an approved line of credit. Also known as Home Equity Line of Credit (HELOC.)

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