EEMEnergy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy…
Egg and dartAn ornamental band molding of egg forms alternating with dart forms.
ElevationA drawing of a face of a building with all the features shown, as if in a single vertical plane
Emergency Economic Stabilization Act (EESA)(EESA)A 2008 statute that authorized the U.S. Department of the Treasury to undertake specific measures to provide stability and prevent disruption in the…
Emergency Home Finance Act of 1970The Emergency Home Finance Act of 1970 created Freddie Mac and authorized it to create a secondary market for conventional mortgages.
Emergency Response (ER)(ER)The U.S. EPA's Emergency Response (ER) Program coordinates and implements a wide range of activities to ensure that adequate and timely response measures…
Emergency Response Notification System (ERNS)(ERNS)The Emergency Response Notification System (ERNS) is a database used to store information on notifications of oil discharges and hazardous substances…
Eminent DomainWhen a government takes private property for public use. The owner receives payment for its fair market value.
Employer-Assisted HousingA program in which companies assist their employees in purchasing homes by providing assistance with the down payment, closing costs, or monthly payments.
EncroachmentThe intrusion onto another's property without right or permission.
EncroachmentsA structure that extends over the legal property line on to another individual's property.
EncumbranceAny claim on a property, such as a lien, mortgage or easement.
End loanSame or similar to "construction loan." See also "construction loan."
EnframementA general term referring to any elements surrounding a window or door.
EngineerAny individual, partnership, corporation or other legal entity licensed to practice the profession of engineering under the education law of the State of…
English bondA pattern of brickwork with alternate courses of headers and stretchers.
EntablatureA major horizontal member carried by a column(s) or pilaster(s); it consists of an architrave, a frieze, and a cornice.
Entrance recessThe recessed opening in the facade leading up to the doorway of a storefront or building entrance.
Environmental Justice (EJ)(EJ)Environmental Justice (EJ) is the fair treatment and meaningful involvement of all people regardless of race, color, national origin, or income with…
Environmental Protection Agency (EPA)(EPA)Environmental Protection Agency (EPA) was established as an independent agency on December 2, 1970 during President Nixon's term in office.
Environmental Response Team (ERT)(ERT)In 1978, the Environmental Response Team (ERT) was established under Section 311 of the Clean Water Act to provide on-site national expert as required by…
Equal Credit Opportunity ActA federal law prohibiting lenders and other creditors from discrimination based on race, color, sex, religion, national origin, age, marital status…
Equal Credit Opportunity Act (ECOA)(ECOA)Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or…
EquityAnother word for "stock." It represents an ownership interest by shareholders in a corporation.
Equity loanSame or similar to "home equity line of credit." See also "home equity line of credit" under "mortgage."
Equity strippingThe lender encourages you to borrow heavily from the equity in your home (the amount you own free and clear of your mortgage) as an easy way to get…
Escape ClauseA provision allowing one party or more to cancel all or part of the contract if certain events fail to happen, such as the ability of the buyer to obtain…
EscrowA financial instrument held by a third party on behalf of the other two parties in a transaction.
Escrow AccountAn account that serves a specific purpose, which ends when a certain condition is met or a certain event occurs.
Escrow AnalysisThe periodic examination of escrow accounts by a mortgage company to verify that monthly deposits are sufficient to pay taxes, insurance, and other…
EstablishmentAn economic unit-business or industrial-at a single geographic location, where business is conducted or where services or industrial operations are…
EstateYour estate is what you leave behind, financially speaking, when you die. To figure its worth, your assets are valued to determine your gross estate.
EvictionThe legal act of removing someone from real property.
Exclusive ListingA written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
ExecutorA person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will.
Existing windowsThe windows existing at the time of designation or windows which have been changed subsequent to designation pursuant to a permit issued by the Commission.
Eyebrow dormerA curved dormer with no sides, covered by a smooth protrusion from the sloping roof.
Fair Credit Reporting ActA consumer protection law that regulates the disclosure of consumer credit reports by credit reporting agencies and specifies procedures for challenging…
Fair Housing ActThe Fair Housing Act makes it illegal to discriminate, in any phase of selling or renting real estate, against anyone on the basis of race, color…
Fair Market ValueFair market value is the price you would have to pay to buy a particular asset or service on the open market.
Familial StatusHUD uses this term to describe a single person, a pregnant woman or a household with children under 18 living with parents or legal custodians who might…
FanlightA semicircular or semielliptical window above a door, usually inset with radiating glazing bars.
Fannie MaeFannie Mae has a dual role in the US mortgage market. Specifically, the corporation buys mortgages that meet its standards from mortgage lenders around…
Fannie Mae-Seller/ServicerA lender that Fannie Mae has approved to sell loans to it and to service loans on Fannie Mae's behalf.
Fannie Mae/Freddie Mac Loan LimitThe current 2004 Fannie Mae/Freddie Mac loan limit for a single-family home is $333,700 and is higher in Alaska , Guam , Hawaii , and the U.S.
FasciaA horizontal, flat element often combined with a cornice and architrave.
FaçadeThe main exterior face of a building, sometimes distinguished from the other faces by elaboration of architectural or ornamental details.
Federal Home Loan Bank Act of 1932This Act established the Federal Home Loan Bank Board (“FHLBank Board”), which charters and supervises Federal Savings and Loans Institutions…
Federal Home Loan Bank BoardFormer name for "Office of Thrift Supervision." See also "Office of Thrift Supervision."
Federal Home Loan Bank Board (“FHLBank Board”)A five-member board established in 1932 by the Federal Home Loan Bank Act. The FHLBank Board provided the FHLBanks with the authority to regulate and…
Federal Home Loan Banks (FHLBanks)(FHLBanks)The Federal Home Loan Banks are 12 regional cooperative banks that U.S. lending institutions use to finance housing and economic development in their…
Federal Home Loan Mortgage Corporation (Freddie Mac)(Freddie Mac)A federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds…
Federal Housing Administration (FHA)(FHA)The Federal Housing Administration (FHA) was established by the federal government in 1937 to make home ownership possible for more people and to…
Federal National Mortgage Association (Fannie Mae)(Fannie Mae)A federally chartered corporation that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages…
Federal savings bankA type of "savings and loan association." See also "savings and loan association."
FeeA charge or payment for products and services, a sum paid or charged for a privilege, for example, some financial institutions charge a monthly fee to…
fee simpleThe maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time.
FenestrationThe arrangement, proportioning and design of windows in a building.
FestoonA carved ornament in the form of a band, loop, or wreath, suspended from two points; also called a “garland” or “swag”.
FHA Approved LendersFinancial institutions that have been approved by FHA for the origination and servicing of FHA-insured mortgages.
FHA mortgage loanA mortgage loan insured by the FHA. Since the 1930s, FHA has insured first mortgages enabling lenders to loan a very high percentage of the purchase price.
FHA-Insured LoanA loan that is insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD).
FICO ScoreFICO is an abbreviation for Fair Isaac Corporation and refers to a person's credit score based on credit history.
fifteen-year mortgageA loan with a term of 15 years. Although the monthly payment on a 15-year mortgage is higher than that of a 30-year mortgage, the amount of interest paid…
Finance companyA company that makes loans primarily for consumer purchases.
Financial ModelsFinancial models are computer simulations designed to forecast the financial performance of a company or project or estimate the impact of key parameters…
FinialThe crowning ornament of a pointed element, such as a spire.
FinishThe visual characteristics including color, texture and reflectivity of all exterior materials.
Fire insuranceSame or similar to "property insurance." See also "property insurance."
First MortgageA real estate loan which is in a first lien position, taking priority over all other liens.
First Time Home BuyerA person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property.
Fixed ExpensesPayments that do not vary from month to month.
Fixed payment mortgageA loan secured by real property which features a periodic payment of interest and principal that is constant over the term of the loan.
Fixed Rate MortgageA mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
Fixed-Period Adjustable-Rate MortgageAn adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months…
Fixed-Rate Mortgage (FRM)(FRM)a mortgage loan with a fixed interest rate that remains the same for the life of the loan.
FixturePersonal property permanently attached to real estate or real property that becomes a part of the real estate.
FlashingStrips of sheet metal bent to fit the angle between any two roof surfaces or between the roof and any projection, such as a chimney.
Flemish bondA pattern of brickwork in which each course consists of headers and stretchers laid alternately; each header is centered between the stretcher above and…
Flexible payment mortgage (FPM)A home-purchase loan plan that allows the borrower to pay interest-only for the first several years of the term.
Float1) The amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks.
Flood Certification FeeA fee charged by independent mapping firms to identify properties located in areas designated as flood zones.
Flood InsuranceFlood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during…
Floor PlanA scaled drawing showing the horizontal arrangement of one level of the building that typically indicates walls, doors and dimensions