Essential Info in Reference to Escrow Service and Escrow
When we talk about escrow as it relates to mortgages and real property we are actually talking about two different topics that concern home buyers: the closing of the sale on a house (referred to as escrow) and the mortgage escrow account (a fund set aside for on-going expenses while the lender holds the note on your house). Let’s take a brief look at both of these concepts so you can be better prepared when you decide to buy your first house and take on a mortgage.
more …