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Financial Glossary

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Earnest moneyDeposit by a buyer to demonstrate serious intent to purchase a house.
Education IRA (Coverdell Education Savings)Tax-free savings account intended to fund a child's higher education.
EIN (Employer Identification number)Identifier assigned by the IRS for business tax purposes (similar to a Social Security number).
Electronic Funds Transfer (EFT)Ability to move funds from one account or institution to another through non-paper means.
Equal Credit Opportunity ActFederal law that protects borrowers from lender discrimination.
Equity (home equity)Market value of a property, minus existing liens (e.g., mortgage balance).
EscrowHolding of documents and funds by a third party; or, payments set aside for taxes and insurance.
EstateSum of a person's assets (e.g., property, possessions) and liabilities (e.g., unpaid debt).
ExemptionDeduction permitted to reduce taxable income, based on status.
Extended warranty (service contract)Agreement that prolongs standard manufacturer, retailer or administrator coverage.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union