EQUITY >> Interest or value that an owner has in real estate over and above the liens against it.

EQUITY LINE OF CREDIT >> A combination of a line of credit and equity loan secured by real property. A maximum loan amount is established based on credit and equity. A mortgage is recorded against the potential borrower’s property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the credit line.

ESCROW >> Delivery of something of value by a grantor to a 3rd party for delivery to the grantee upon the happening of a contingent event. In some states, all instruments necessary to the sale are delivered to a 3rd party, with instructions as to their use.

ESCROW INSTRUCTIONS >> For purchase transactions, instructions signed by both buyer and seller, which enable the escrow agent to carry out the procedures necessary to transfer real property, a business or other assignable interest .

ESTATE (REAL PROPERTY) >> Describes the extent and character of a person’s rights and interest in real property. Two types of estates frequently financed by mortgage lenders are the fee simple and the leasehold estate.

EXCEPTIONS TO GUIDELINES >> The consideration of approving a loan having characteristics that don’t fit into Ameriquest Mortgage Company guidelines when it makes sense to do so.

EXCEPTIONS TO TITLE >> Claims against the property as of the date of the title report.