The following terms were found in the Loan Glossary beginning with the letter (E). Please review the terms below.

Easement:  A right of way giving persons other than the owner access to or over a property.

Equal Credit Opportunity Act (ECOA):  A federal law that prohibits lenders from denying mortgages on the basis of the borrower's race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equity:  The difference between the market value of a property and the property owner's outstanding mortgage balance.

Equity loan:  A loan based on the borrower's equity in his or her property.

Escrow:  The holding of documents and money by a neutral third party prior to closing; also, an account held by the lender into which a property owner pays money for taxes and insurance.