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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
E
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.
Equity:
The difference between the fair market value (appraised
value) of the home and the outstanding mortgage balance.
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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