earnest money
Deposit made by a buyer toward the down payment in evidence of good faith when the purchase agreement is signed.

ECOA
See Equal Credit Opportunity Act.

effective interest rate
The cost of a loan expressed as a yearly rate, usually higher than the interest rate on the loan since this figure includes up-front costs of acquiring the loan.

Equal Credit Opportunity Act (ECOA)
Federal law requiring 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.