What is an escrow account? If you’re in the process of buying a home, you may be a little hazy on what they are exactly and why you’re paying for one. Today I’d like to break escrow accounts down for you so that you better understand what you’re paying for each month and how they differ from earnest money deposits. An escrow account is an account that your lender sets up after closing, which you put money into each month, in order to pay for your homeowners insurance and taxes. To learn more about escrow accounts and who they protect, watch this short video.
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Handy Andy Real Estate Experts, Inc
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Rochester, MN 55901