LOANS- What is ESCROW?

What does Escrow do?

By DAVE HOLLAND

Let’s talk about what is escrow?

What does Escrow do?

https://youtu.be/GNLLOtugZjQ

Why are they there? Do we need them?

Escrow is a third party that helps both sides of a transaction come together. And in agreement complete that transaction. The way I think about it is if you’re going to buy a car and you go to somebody’s house to go look at the.

Everything looks good. Now, what do you do? He has the title to the car. You have the money. So, you have to trust that person, that the car is going to be transferred into your name. He has to trust you that you’re going to give him money. If those people don’t know each other, that’s where an escrow would come in.

“You have to trust that person, that the car is going to be transferred into your name. He has to trust you that you’re going to give him money. “

Everybody Comes Home Happy?

Escrow would be that third party that holds your money, holds the car. And then releases the car and the money when everybody completes the transaction is happy. The same thing happens in mortgage and real estate. So escrow is that third party. They collect the documentation from the seller. They collect the documentation from the buyer, all the inspections that are done, all the real estate documentation that’s done.

They complete all of that. Have everybody signed that documentation, then they released the fee. And if everybody is in agreement, then escrow can close. The seller would get their money. The buyer would get their keys and everybody comes home happy. I hope this short video helps clear up what escrow is and their role in a real estate transaction.

“And if everybody is in agreement, then escrow can close. The seller would get their money. The buyer would get their keys and everybody comes home happy.”

We Can Help You!

If you’d like more information, you can go to our website at veteransnationalmortgage.com Click apply now  and we can give you a free interest rate quote or help you to get pre-qualified on a purchase with no impact on your credit.

You can also call us directly at (888) 922-2022.. We are standing by to help you with your next home.

Our team is excited to help you with your dream home.

You may also be interested in knowing about How Much Home Can I Afford >> HERE <<
or 
A Comprehensive Guide to Understanding the VA Home Loan Benefit >> HERE <<

Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal

Thanks and we’ll see you next video.

On Focus