When an impartial third party holds something of value (in real estate, usually earnest money) during the progress of a transaction. If a home is “in escrow,” that means that the third party is holding the earnest money while the contract is negotiated and the deal is closed. Lenders may also hold funds in escrow in order to pay homeowners insurance or property taxes. These funds usually come out of the monthly mortgage payment.
Think Realty Magazine November-December 2024
+WHAT'S INSIDE Funding | Market-Responsive Lending • The Gift of the 30-Year Mortgage • Your Guide...
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