Escrow, or an escrow account, acts as a third-party medium for two parties exchanging money.
When you’re purchasing your home, an escrow account is almost always required by your lender and is set up by your attorney’s office.
Items such as mortgage insurance, homeowner’s insurance, and property taxes are all examples of payments held in your escrow account. When it’s time to make the respective payments, you (or your lender paying on your behalf) can do so with ease.
If you have more questions about escrow accounts, reach out to our team to chat!
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