E
Encumbrance
A claim against
a property by another party which usually affects the ability
to transfer ownership of the property [Back to top]
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. [Back to top]
Equity
Equity is the term used to describe the difference between
the value of your home and the amount of any loans or mortgage
outstanding on it. If your home was worth £100,000 and
you owed £75,000 on your mortgage, you would have £25,000
in equity.
Having equity in your home makes it much easier to obtain
loans, as they can be secured against the equity.
[Back to top]
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Encumbrance
Equal Credit Opportunity Act (ECOA)
Equity
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