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Today's Mortgage Terms starting with E

Equity:

The difference between the current market value of a property and the total debt outstanding against the property.

Escrow:

A transaction in which a third party represents both the buyer and seller, or for borrower and lender, involving the handling of legal documents and disbursement of funds. In some parts of the US, escrow of taxes and insurance premiums are referred to as impound or reserves.

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WASHINGTON -- He was the family man, the solutions-driven politician, the gifted orator. But for those who still harbor doubts about his candidacy, Barack Obama sought to present a special image — a man ready to sit in the Oval Office. Amid a ...

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