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 Mortgage glossary: Letter E
 
Easement A right of way previously established by a third party. Easement types can vary but typically involve the right of a public utility to cross your land to access an electrical line.

Entitlement The amount the VA will guarantee in order for a VA loan to be made. See also VA loan.

Equity The difference between the appraised value of a home and any outstanding loans recorded against the house.

Escrow Depending upon where you live, escrow can mean two things. On the West Coast, for example, when a home goes under contract it ''goes into escrow'' (see also Escrow Agent). In other parts of the country, an escrow is a financial account set up by a lender to collect monthly installments for annual tax bills and/or hazard insurance policy renewals.

Escrow Account See Impound Account.

Escrow Agent On the West Coast, the escrow agent is the person or company that handles the home closing, ensuring documents are assigned correctly and property transfer has legitimately changed hands.


 
 
 
 


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