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Glossary

Get easy to understand definitions for common mortgage terms from the Mortgage Insider. In our glossary, we define the word, tell you about in industry usage, and usually give an example so you can fully and easily understand not just the meaning but the function of the word.

Earnest Money

Earnest Money Defined
Earnest money is money given to the seller from the buyer to show genuine interest in buying their property. The earnest money is not given directly to the seller but put in an account with a third party like a title company or an account with the real estate broker. When [...]

Escrows

Escrows Defined
In regards to a real estate transaction, an escrow is when money is placed with a third party in an account until both parties execute the agreement. For a mortgage, escrows are money placed in an account so the taxes and insurance can be paid when they come due.
When you buy your house, [...]

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