Homeowner Loans Glossary
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Earned Income.
Income generate through work such as salary or wages. Unearned income is income from bank interest or pensions, for example.
Endowment.
An investment fund which was a popular way of saving for the eventual capital repayment of and interest only mortgage.
Equity.
The difference between the value of a property and the amount of credit secured against it including a mortgage.
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