The Center For Debt Management
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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Electronic Fund Transfer (EFT) Systems : This is the most popular way of financial transaction in the modern times. This is a electronic way of transferring funds with the use of credit cards or online payment systems, which does not have the hassle of payment through checks.

Earnest Money Deposit : This is the initial deposit made by a buyer during the purchase of a particular property. This is in evidence of a trust and good will when the purchase agreement is finalized.

Easement : Giving other persons, other than the owner, access to a property.

Effective Debt : The total debt owed by a company to its creditors.

Elderly Applicant : As defined in the Equal Credit Opportunity Act, a person 62 or older.

Electronic Fund Transfer (EFT) Systems : A variety of systems and technologies for transferring funds electronically rather than by check.

Eminent Domain : The government s right to take private property for public use in exchange of the payment of its fair market value.

Encumbrance : A lien against a property or a restriction on its use, such as, an easement, a right or interest in a property held by one who is not the legal owner.

Equal Credit Opportunity Act (ECOA) : The Federal law of America ensures that every citizen of the country is entitled to the ECOA. The law ensures that the creditors practice no discrimination in the credit process based on age, race, color, creed, sex, religion, nationality, marital status or a candidate who earns from public assistance programs.

Equifax : This is one of the three credit bureaus operating in the US. The other two are Experian and Transunion.

Equity : The difference between the market value of a property and the claims held against it.

Escalator Clause : A clause in a mortgage or loan that provides for increases in payments or interest based on a pre-determined scheduled or on a specific economic index, such as, the consumer price index.

Escrow : A written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition. The conditions are stated in the written agreement.

Escrow Account : An account that a borrower holds with a lender once a purchase transaction is closed. It requires the borrower to pay more than the principal and interest each month. The overage is put into escrow, which the lender uses to pay items like property taxes and homeowner's insurance when they are due.

Escrow Analysis : An analysis that is performed each year by a lender to an escrow account holder to ensure that the correct amount of money is being collected to cover anticipated payments.

Escrow Fee : A fee that covers the preparation and transmission of all home purchased-related documents and funds. Escrow fees may range from hundreds to over a thousand dollars, based on the purchase price of the real estate.

Estate : The ownership interest that a person holds in real property. This is typically the sum total of all the real property and personal property owned by an individual at time of death.

Eviction : The legal removal of occupants of real property for unlawful actions carried out by those occupants.

Estimated Closing Fees : An estimate of the fees which is paid by the buyer or the seller on before the closing date for service taxes and other important items required to obtain the mortgage. These fees generally average between 2% and 5% of the loan amount.

Experian : One of the largest credit bureaus operating in the United States. The other two are Equifax and Transunion.

Exemptions : This refers to assets or properties owned by the debtor that cannot be recovered by creditors.


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Index of Terms | Complete List of Terms


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