Glossary - CLS Financial
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Glossary

Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.

Our mortgage glossary will help you to speak to mortgage professionals with confidence.

Glossary

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 4 names in this directory beginning with the letter E.
Earnest Money
Money put down b a potential buyer to show that they are 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. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction.

Encumbrance
Anything that affects title to a property, such as loans, leases, easements, or restrictions.

Equity
The difference between the value of the home and the borrowed principal still outstanding. As a borrower makes payments and the falue of the home increases, the equity of the home generally increases

Escrow
Funds held in an account to be used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out.