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Is there escrow with buying a house and a loan?

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Is there escrow with buying a house and a loan?

Ok. I'm buying a home and they're talking about the escrow. Then the loan officer is talking about how I need escrow. So is it all the same? Or are these different escrows? And what does that even mean?

Asked By Chad | Fairview, TN | 149 views | Buying | 2 months ago

Answer(2)

Novice

Desiree Burgnon

Coldwell Banker Home Source

(53)

Yes in some states they use escrow. Escrow is a third part that handles all of the paperwork between mortgages co, title, both agents and buyers and sellers. They make sure that everything is taken care of in a timely manner.

2 months ago
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Novice

Judy Behan

Berkshire Hathaway HomeServices Professional Realty

(21)

Your mortgage payment includes your mortgage payment Plus the items (home insurance, property taxes, PMI & there may be some others) that the bank will collect a portion of money to be held in escrow as part of your TOTAL mortgage payment.

2 months ago
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