Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
E
Earnest money: money put down by a potential buyer to show that he or
she is serious about purchasing the home; it becomes part of the down
payment if the offer is accepted, is returned if the offer is
rejected, or is forfeited if the buyer pulls out of the deal.
EEM: Energy Efficient Mortgage; an FHA program that helps home buyers
save money on utility bills by enabling them to finance the cost of
adding energy efficiency features to a new or existing home as part of
the home purchase
Equity: an owner's financial interest in a property; calculated by
subtracting the amount still owed on the mortgage loon(s)from the fair
market value of the property, also referred to as the owner's
interest.
Escrow: Refers to a neutral third party who carries out the
instructions of both the buyer and seller to handle all the paperwork
of settlement or "closing." Escrow may also refer to an
account held by the lender into which the homebuyer pays money for tax
or insurance payments.
Equal Credit Opportunity Act (ECOA): a federal law that requires
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: difference between the fair market value and current
indebtedness
Equal
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