Speak The Mortgage Lingo: Mortgage Glossary E
clear simple mortgage:
Earnest Money Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment.
Easements An interest in property, owned by another that entitles the holder to a specific limited use or privilege, such as the right to cross or to build adjoining structures on the property.
Encroachment A fixture of a piece of property which intrudes on another's property.
Equal Credit Opportunity Act Is a federal law that requires lenders and other 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. (ECOA)
Equity The difference between the fair market value and current indebtedness, also referred to as the owner's interest.
Escrow Instructions Instructions to the escrow agent giving the parameters and contingencies involved in the transaction and agreed upon by both parties.
Escrow Waiver The Request for a borrower to pay their own taxes and insurance. Escrow wavers are rarely granted with less than a 25% equity position (<75>
Escrow Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or 'closing.' Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments.
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