Glossary of Terms: E

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Earnest Money:
Money given by the buyer to the seller with the purchase offer to bind the sale, or assure payment or an advance in funds in the processing of a loan. Also known as a deposit.

Easement:
A right-of-way given to a person authorizing them access to an owner’s land.

Equity:
The difference between fair market value and current mortgage balances and other liens. Also referred to as the owner’s interest.

Escrow/Impound Account:
This is the segregated account in which the escrow funds are held. This is used to hold the borrower’s insurance or property taxes until those payments are due.

Escrow Payment:
The portion of the borrower’s monthly payments that are held by a lender or servicer to pay taxes, mortgage insurance, hazard insurance, and other items as they become due. Also called impounds or reserves in some states.

 

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