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. |
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|
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. |
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|
Equity
|
| An owner's
financial interest in a
property; calculated by
subtracting the amount still
owed on the mortgage loan(s)from
the fair market value of the
property. |
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|
Escrow
account |
| A trust account
created by a third party to hold
money. A mortgage escrow account
is an account set-up to pay
taxes and insurance. Monthly
mortgage payments may include
1/12 of annual property taxes
and insurance. When the bills
comes due, lenders use the money
in the escrow account to pay
them. |
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If you have any
questions or would like more information, please contact me
828.262.1836, 800.473.2653, 828.963.0376,
email me, or use the online request form.
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