E Mortgage Terms | Oconee County Real Estate
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Earnest Money
Funds submitted with an offer to show "good faith",
or "earnest intention" to follow through with the purchase.
Earnest money is placed by the broker in an escrow/trust
account until closing, when it becomes part of the down
payment and closing costs.
Easement
A right of way giving persons other that the owner access
to or over a property.
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.
Effective Interest Rate
The cost of credit on a yearly basis expressed as a
percentage. Includes up-front costs paid to obtain the
loan, and is, therefore, usually a higher amount than
the interest rate stipulated in the mortgage note. Useful
in comparing loan programs with different rates and
points.
Encroachment
An improvement that intrudes illegally on another's
property.
Encumbrance
A claim against a property by another part which usually
affects the ability to transfer ownership of the property.
Equity
The difference between the fair market value (appraised
value) of your home and your outstanding mortgage balance.
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.
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