General Financial Glossary - Financial Terms E to H

Earnest Money - A deposit given by the buyer to the seller which shows that the prospective buyer is serious a purchasing a home or property.

Equal Credit Opportunity Act ECOA - Federal law that prohibits lenders from denyinng a loan on the basis of race, color, religion, national origin, age, sex, marital status, or income derived from public assistance programs.

Equity - The difference btween the homeowner's outstanding mortgage balance and the fair market value of a property.

Equity Loans - A loan that is based on a borrower's equity in a property.

Fair Credit Reporting Act - Consumer protection laws that sets up a procedure for an individual to dispute or correct inaccuracies on ones credit report.

Fixed Rate Loan - A loan in which the interest rate will not change during the term of the loan.

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Graduated Payment - A loan that starts with small monthly payments which increase at a predetermined rate over a period of time.

Hazard Insurance - Insurance that protects the property owner and lender aginst damage to property due to fire, wind, vandalism or other hazards.

Finance Terms A - D
Finance Terms I - L
Mortgage Terms M - P
Mortgage Terms Q - T
Mortgage Terms U - Z

General Financial Glossary - Financial Terms E to H

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