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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Mortgage Terms Glossary - E

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Easement - Effective Interest Rate - Encroachment - Encryption - Encumbrance - Equifax - Equity - Escrow - Estimated Closing Fees - Examination of Title - Exclusive Listing


Easement - A right of way giving persons other than the owner access to or over a property.

Effective Interest Rate - The real rate of interest after the effects of compounding are included. More frequent compounding adds up to a higher effective rate.

Encroachment - An improvement that intrudes illegally on another's property.

Encryption - This is a procedure used in order to prevent anyone but the intended recipient from reading the data. There are many types of data encryption, and they are basis of network security. Common types include (Data Encryption Standard) and public-key encryption.

Encumbrance - Anything that affects or limits the free simple title to a property, such as mortgages, leases, easements, or restrictions.

Equifax - One of the two major credit bureaus in Canada.

Equity - The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property.

Escrow - A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

Estimated Closing Fees - An estimate of the fees that must be paid on or before the closing date by the buyer and/or seller for services, taxes and items necessary to obtain mortgage. These fees will average between 2% and 5% of the loan amount and vary by lender, property location, and type of mortgage.

Examination of Title - The report on the title of a property from the public records or an abstract of the title.

Exclusive Listing - A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission.
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