Mortgage Terms

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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

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There are 3 names in this directory beginning with the letter E.
Earnest Money
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.

Entitlement
The VA uses the word to mean the amount of money it will guarantee on a given loan. The primary entitlement is $36,000, with a secondary entitlement of $68,250.

Mortgage Calculator

Purchase price
Please enter here the amount you expect to pay for a home.
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Down payment
Down payment is cash that you pay upfront for your home.
20.0%
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Term in years
Number of years you have to pay.
years
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Interest rate (per year)
The percentage of interest that you will pay on your mortgage for a specific term.
%
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Property tax
Enter your property tax here if you know it.
per year
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Home insurance
Most lenders require home insurance. Enter its price here.
per year
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PMI
PMI is Private Mortgage Insurance which is usually required to pay if your Down payment less than 20%.
per month
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Principal & Interest
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Home insurance
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Property taxes
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PMI
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