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Glossary

Knowledge is power and there’s no difference when it comes to obtaining a home loan! To help you on the journey to becoming an educated borrower, we’ve created this glossary of terms you’ll need to know during your home loan process.

 

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 3 names in this directory beginning with the letter E.
Earnest Money
Earnest money is money that a buyer pays to the seller to confirm intent to purchase. This money is held in an escrow account and eventually becomes applied to a buyer's down payment and closing costs.

Equity
Also known as real property value, equity is the amount the owner would receive after the property is sold off and the mortgage is paid off.

Escrow
Escrow is the monetary assistance offered by a third-party on behalf of the transacting parties. Borrowers often choose to escrow their property taxes and homeowner's insurance as part of their monthly mortgage payments.