Quickloans Glossary
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E
EARNEST MONEY
Money given by a buyer as part of the purchase price to bind a transaction or assure payment. Also called DEPOSIT.
EQUAL CREDIT OPPORTUNITY ACT ( ECOA )
Federal law requiring 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 difference between market value and current loan, also known as owner's interest.
ESCROW
Neutral third party that carries out the instructions of both the borrower and lender to handle settlement or "closing." Escrow may also refer to an account held by the lender into which the borrower pays for tax or insurance payments.
F
FHA LOAN
Loan insured by the Federal Housing Administration open to qualified home purchasers. While limited in size, they are generous enough to handle moderate-priced homes almost anywhere in the country.
FIXED RATE MORTGAGE
Loan in which the interest rate is constant for the term of the loan.
FORECLOSURE
A legal procedure in which property securing debt is sold by the lender to pay the defaulting borrower's debt.
FREDDIE MAC
See Federal Home Loan Mortgage Corporation.
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