Glossary results for: E
Escrow
Escrow is the process of documenting real estate money or securities deposited with a neutral third party (the escrow agent) to be delivered upon fulfillment of certain conditions as established in a written agreement.
Estimate PMI
An Estimate of the amount of Private Mortgage Insurance (PMI) that the borrower is required to pay the lender. Private Mortgage Insurance is the insurance that may be added to the mortgage if the borrower obtains a loan valued at more than 80% of the home’s equity.
Extra Payment Amount
An Extra Payment Amount would be any payment amount larger than the scheduled payment that would be applied toward the principal balance of the loan in an effort to lower the balance and arrive at an early payoff date.
Extra Payment Frequency
The Extra Payment Frequency is how often the lender will make an extra principal payment to the loan. This is determined by the borrowers financial status and personal plan of action.
Extra Payment Start Date
The Extra Payment Start Date is the day the borrower will begin making extra principal payments. This is determined by the borrowers financial status and personal plan of action
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