mortgage

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the mortgage section

Deposit

A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction.

Down Payment

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Easement

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

Effective Interest Rate

The actual interest rate on investment where a debt or loan was bought at discount or at a premium.

Equity

The difference between the price for which a property could be sold and the total amount owing on it.

Escrow

An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Credit Report

A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

Credit Rating

A credit rating is an evaluation of the likelihood of a borrower to default on a loan.

Credit Score

An assessment used to evaluate the amount of "risk" involved in a credit transaction, established from the analysis of information provided in a consumer’s application, the potential loan, and the consumer’s credit report.

Creditor

A person to whom money is owed.

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