Definition
Escrow Waiver
An arrangement in which the borrower pays taxes and insurance directly rather than through a lender-held account. Usually requires 80% LTV or below.
Nearby terms
Equity
The difference between a property's market value and the total debt secured by it.
Escrow
Two distinct meanings: the neutral third party holding funds and documents during a transaction, and the ongoing account a servicer uses to pay taxes and insurance.
Fannie Mae
The Federal National Mortgage Association, a government-sponsored enterprise that purchases conforming loans and sets widely used underwriting guidelines.
FHA Loan
A mortgage insured by the Federal Housing Administration, permitting lower credit scores and 3.5% down, with mortgage insurance that is permanent on most current loans.
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