Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - E Terms
Earnest money: money
put down by a potential buyer to show that he or she is serious
about purchasing the home; it becomes part of the down payment if
the offer is accepted, is returned if the offer is rejected, or
is forfeited if the buyer pulls out of the deal.
EEM: Energy Efficient Mortgage;
an FHA program that helps homebuyers save money on utility bills
by enabling them to finance the cost of adding energy efficiency
features to a new or existing home as part of the home purchase
Equity: an owner's financial
interest in a property; calculated by subtracting the amount still
owed on the mortgage loon(s)from the fair market value of the property.
Escrow account: a
separate account into which the lender puts a portion of each monthly
mortgage payment; an escrow account provides the funds needed for
such expenses as property taxes, homeowners insurance, mortgage
insurance, etc.
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