Getting to Know the Escrow Holder

November 24, 2009 by Rob Spring · Leave a Comment 

Closing the Sale
Escrow
To finalize the sale of the home, a neutral third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller’s and buyer’s agreement are met prior to the sale being finalized, including [...]

What is a Mortgage Escrow Account?

November 24, 2009 by Rob Spring · Leave a Comment 

Mortgage Escrow Account
A Mortgage Escrow Account is established to pay on-going expenses while there is a loan on the house. These expenses include property taxes, home insurance, and mortgage insurance. Generally, the Escrow Account is partially funded at closing (Labeled “Pre-Paid Items”) and the home buyer makes on-going contributions with their monthly mortgage payment.
Very different from “Escrow” this [...]