Early Closure Fee
A fee some HELOC programs may charge if the line is closed within a specified early period.
HELOC EXPERT GLOSSARY
Glossary: E
Browse terms beginning with E and move through the full A–Z home-equity and mortgage glossary.
E
Terms Starting with E
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Effective Gross Income
Potential property income adjusted for vacancy, concessions and other income assumptions.
Entity Vesting
Holding title to property in a legal entity such as an LLC, subject to lender and legal requirements.
Equity
The difference between a property’s value and debt secured by the property.
Equity Cushion
The portion of property value remaining above secured debt, often viewed as a protection against value changes.
Escrow Account
An account used by a servicer to collect and pay certain property-related expenses such as taxes and insurance when required.
Escrow Waiver
Permission to pay eligible taxes and insurance directly instead of through a lender-controlled escrow account.
Exit Strategy
A planned method for repaying or replacing debt, such as property sale, refinance, amortization or operating cash flow.