Understanding Escrow for New Ohio Home Buyers

      Many steps are included in the process of buying a home which can feel overwhelming. A good realtor can support individuals who are going through the steps of seeking to understand the process before getting pre-approval and making offers.   Impound Account An account that is set up by the mortgage lender to pay certain property-related expenses on a person’s behalf is called an escrow (impound) account. This is used for expenses like property taxes and homeowner’s insurance. Many mortgage lenders require an escrow account to insure the property is not at risk. Fees vary from year to year and generally are rolled into monthly mortgage payments.   How Escrow Works Escrow accounts come into play with several home buying expenses like home buyer’s earnest money. If an offer is accepted then an earnest money check is deposited into the real estate broker’s escrow account. The account is used for earnest monies only and other funds may not be mixed in with earnest money depo
http://www.cprealestate.com/blog/2017/02/03/understanding-escrow-for-new-ohio-home-buyers

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