E Glossary Terms

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EARNEST MONEY
A deposit paid by the potential home buyer, when an offer is made to purchase a property, to show that he or she is serious about buying the house.

EQUITY
A homeowner’s financial interest in a property. Equity is the difference between the fair market value of a property and the amount still owed on the mortgage.

EQUITY LOAN
A loan based on the equity value of a home. 

ESCROW ACCOUNT
Each month your mortgage payment may include 1/12th of the cost for the annual property taxes, homeowner’s insurance and mortgage insurance. The lender places these funds in a reserve account, known as an escrow. When the taxes and insurance become due, the lender pays the bill out of the reserve account.

EVICTION
The legal process used to remove a person from a property for a breach of lease.