Early Termination Payment
The cost applied when paying out a loan early.
Electronic Funds Transfer (EFT)
Electronic transfer of funds from one account to another.
An outstanding liability or charge on a property.
The portion of something - asset, house or company - which you own. Equity is the difference between the market value and the current amount of money still owing on the loan, ie Assets - Liabilities = Equity.
Equity Finance Mortgage
An Equity Finance Mortgage (EFM) is a type of Home Loan that effectively boosts your potential borrowing capacity by anything up to 25%.
A loan usually secured by the proportion of the value of your house which you own.
A loan secured by the part of the value of an asset (usually a house) which you own.
Money, property, a deed or a bond put into the custody of a third party for delivery to a grantee only after the specified conditions are fulfilled.
Lending body fees which may or may not be charged to set up a loan.
The whole of one's possessions, especially all the property and debts left by one at death.
Exchange of Contracts (or Exchange)
The legal point of time when the vendor and purchaser swap documentation and start inquiries with a view to settlement.
A fee imposed by some lenders when the loan is paid off before the end of it's term. Fees most generally apply to fixed rate loans.