Mortgage Dictionary for words that start with letter E
Earnest Money - The earnest money is the deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money deposit will be forfeited to the seller unless the purchase contract expressly provides conditions for its return to the buyer.
earnest money deposit - A deposit made by the potential home buyer to show that he or she is serious about buying the house.
Easement - A right-of-way created by grant, reservation, agreement, prescription or necessary implication which one has in land owned by another.
easement - A right of way giving persons other than the owner access to or over a property.
Economic Obsolescence - Impairment of desirability or useful life arising from economic forces, such as changes in optimum land use, legislative enactments which restrict or impair property rights and changes in supply-demand relationships. Loss in the use and value of property arising from the factors of economic obsolescence is to be distinguished from loss in value from physical deterioration and functional obsolescence.
effective age - An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
effective gross income - Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.
Eminent Domain - A government right to acquire private property for public use by condemnation and the payment of just compensation.
Encroachment - Unauthorized intrusion of a building or improvement such as a wall, fence, etc. onto another's land.
Encumbrance - A legal right or interest in land that affects a good or clear title and may diminish the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance does not legally prevent the transfer of real property. It is up to the buyer to determine whether to purchase with the encumbrance.
encumbrance - Anything that affects or limits the title to a property, such as mortgages, leases, easements, or restrictions.
endorser - A person who signs ownership interest over to another party.
Equal Credit Opportunity Act (ECOA) - 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.
Equity - The market value of the property less the homeowner's unpaid mortgage balance and any outstanding liens or other debts against the property.
equity - A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.
Escheat - Reversion of property to the State by reason of failure to find persons legally entitled to hold or lack of heirs. The State must try to find heirs.
escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
Escrow - The deposit of instruments and/or funds into the care of a neutral third party with instructions to carry out the provisions of an agreement or contract once all instruments and/or funds have been deposited. Many closings are handled by escrow agents. In this situation, the seller deposits the deed and the buyer deposits the funds necessary with the escrow agent. Once all requirements of the purchase contract are in the control of the escrow agent, the money and deed are distributed accordingly.
escrow account - The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses.
escrow analysis - The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.
escrow collections - Funds collected by the loan servicer and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance, and hazard insurance.
escrow disbursements - The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
Escrow Payment - That portion of a mortgagor's monthly payment held in trust by the lender to pay for taxes, mortgage insurance, hazard insurance, lease payments and other items as they become due. Also known as impounds in some states.
escrow payment - The portion of a mortgagor's monthly payment that is held by the loan servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Called impounds or reserves in some states.
Escrow Reimbursement - The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.
estate - The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
Estate at Will - Possession of property at the discretion of the owner.
Estate for Years - Tenant has rights in real property for a designated number of years.
Estimated Closing Costs Statement - The statement which lists the financial settlement between buyer and seller and the costs each must pay. A separate statement for buyer and seller is sometimes prepared.
Estoppels - An impediment to a law of action, whereby one is forbidden to contradict or deny one's own previous statement or act.
eviction - The lawful expulsion of an occupant from real property.
examination of title - The report on the title of a property from the public records or an abstract of the title.
Exclusive Agency - Listing agreement in which only the listing office may sell the property and earn the commission. If the owner sells the house, the listing office would not receive any commission.
Exclusive Right-to-Sell - Listing agreement under which the owner promises to pay a commission if the property is sold during the listing period by anyone, even the owner.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.