- earnest
money deposit
- A
deposit made by the potential homebuyer to show
that he or she is serious about buying the house.
-
- easement
- A
right of way giving persons other than the owner
access to or over a property.
-
- 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.
-
- encumbrance
- Anything
that affects or limits the fee simple title to a
property, such as mortgages, leases, easements,
or restrictions.
-
- endorser
- A
person who signs ownership interest over to another
party. Contrast with co-maker.
-
- 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
- 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.
-
- 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
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 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
- The
portion of a mortgagor's monthly payment that is
held by the servicer to pay for taxes, hazard insurance,
mortgage insurance, lease payments, and other items
as they become due. Known as "impounds"
or "reserves" in some states.
-
- 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.
-
- 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.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
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