mortgage & home loan refinance | vase at home

Escrow

Escrow

Escrow is when money or something of value is held by a neutral third-party and disbursed, if terms of a contract are met. When buying a home, the buyer's earnest money is held in escrow account. The money is applied to the purchase. Any money the buyer borrows from a mortgage lender is disbursed to the escrow officer who makes sure that all lien holders on the property are paid, according to terms specified by the lender's funding agent.

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