|
Assessed Value
The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value. |
|
Equal Credit Opportunity Act (ECOA)
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. |
|
Fixed-Rated Mortgage
A mortgage on which the interest rate is set for the term of the loan. |
|
Revolving Loan
A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card. |
|
