The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.
Team Souther Glossary
There are 3 names in this directory beginning with the letter E.
Borrowers put this into an escrow account when the time comes to purchase a home. These good faith funds can be put toward closing costs or refunded to the borrower. The amount depends on several factors, including geography and the property.
Energy Efficient Mortgage (EEM)
This specialized mortgage allows veterans to make energy-efficient improvements to a home they're purchasing or refinancing. Veterans can add up to $6,000 to the loan amount provided they can verify the cost of improvements or prove the efficiencies will result in savings.