What is Escrow?
What is Escrow?
Escrow is funds held in an escrow account to cover future bills. More specifically the lender establishes an escrow account and collects money from you every month to pay for future insurance and property tax bills.
In many cases you do not make interest revenue from an escrow account and it is a hassle to have the lender pay your insurance company and property bill for you.
Like if you want to change your insurance company, you would have to tell your lender to change their records.
During the initial loan process, we recommend that you request paying insurance and property tax yourself and that the lender not establish an escrow account.
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