What is escrow, and how does it work?
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If you're a new home buyer, "escrow" might not be familiar to you, but it's usually an important part of your mortgage. To help you understand what it is and how it works, we cover all the basics in this video.
Basically, escrow is a type of account that holds money. In terms of a mortgage, this money is held for your homeowners insurance payment and property taxes. Then, when they're due, your lender or servicer has the funds to send in those payments for you.
Paying towards your property taxes and insurance monthly as part of your mortgage makes saving for these expenses easier. In addition, it takes a lot of the burden off of you in remembering to pay them on time. All in all, escrow is a convenient way to pay for some of the largest, recurring expenses that come with owning a home.
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This video is not intended for residents or homeowners in the states of WA, NY or MA.
Low VA Rates NMLS# 1109426 Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page: / lowvarates . This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.