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Depreciation: A decline in the value of property, the opposite of "appreciation."

Down payment: The difference between the purchase price of the property and the loan amount, expressed in dollars, or as a percentage of the price. For example, if the house sells for $100,000 and the loan is for $80,000, the down payment is $20,000 or 20%. The loan amount used in this calculation does not include any prepaid finance charges that are included in the loan. For example, if the $80,000 loan in the example above includes a $1,000 up-front mortgage insurance premium, the down payment is $21,000.

Equal Credit Opportunity Act: A federal law that prohibits lenders from discriminating on the basis of the borrower's race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

Equity: a homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount owed on any mortgage loans outstanding.

Escrow Account: an account which sets aside money for payment of items such as property taxes and homeowner's insurance. The lender uses funds in the escrow account to pay these items on your behalf.

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