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Mortgage Terms Glossary
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Earnest Money
a cash deposit paid by the buyer during negotiations to demonstrate serious interest in purchasing the property.

Equity
the difference between the fair market value of the property and the homeowner's mortgage debt. Equity increases as a mortgage is paid and/or the property appreciates.

Escrow
usually refers to an account set up by the lender in which money is held to pay taxes and insurance.

Escrow Payment
the portion homeowner's monthly payment held in trust by the lender to pay for taxes and insurance. Also known as "impounds" in some states.


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