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Whether you’re a seasoned veteran or a first-time homeowner, reading and fully understanding your escrow statement can be tough. An escrow account is an account managed by your mortgage servicer to pay for property taxes and/or insurance premiums on your behalf.
The concept of escrow can be confusing, regardless of how long or how little you’ve been a homeowner. However, it plays a fundamental role in your home purchase, as well as the servicing and payment of your mortgage.
Not sure where to begin on your escrow education? Let Carrington answer some commonly asked questions about escrow below:
Escrow Out of Cycle Analysis
Buying a house can be a confusing and complicated process, especially for first-time buyers. So many unfamiliar terms, practices, and procedures; so many rules and regulations to follow. Of course, it’s all worth it in the end, when you finally get the keys to your new home and take possession of it, but in between, the process can seem full of convoluted twists and turns.
Many of the common questions borrowers have are related to escrow accounts, so we’ve created two videos just for you. Hopefully, after listening, you understand what an escrow account is and common issues that may arise.
