-E-
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Earnest Money
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a cash deposit paid by the buyer during negotiations to
demonstrate serious interest in purchasing the property.
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Equity
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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.
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Escrow
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usually refers to an account set up by the lender in which
money is held to pay taxes and insurance.
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Escrow Payment
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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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Mortgage Glossary © Copyright 2004, 2008
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