 Posted: Tue Jun 21, 2005 2:13 am Subject: Debt Glossary for alphabet "E" |
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Hi,
I have enlisted all the major terminologies related to debt under alphabet E below -
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: 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.
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 most renowned and remarkable amongst 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.
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.
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.
Regards
Roxette
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roxette
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