How To Get A Mortgage - What Is Escrow

How To Get A Mortgage is your premiere home loan guide to buying a house. You've met your Realtor, mortgage lender, inspector, appraiser, title and insurance agent.

What Is Escrow - Meet Your Neutral Watch Dog

Some call escrow the guard dog of real estate transactions.

Simply put, escrow is a neutral third party between a buyer, seller, lender and real estate agent. Escrow is responsible for holding and transferring large sums of money once the terms of the real estate transaction have been met.

Terms of your contract originate with the Purchase And Sale Agreement. Escrow carries out these mutually agreed upon conditions, such as a clear title, satisfactory pest report and the specified day on which to close the transaction.

In some states, attorneys function as escrow. In other areas, escrows are divisions of title insurance companies. Escrow can also be a privately owned company.

HUD 1 Statement - Protection To Buyers And Sellers

Escrow prepares a HUD 1 Statement, required by the United States Government to inform and protect home buyers and sellers.

The HUD 1 Settlement Statement is a financial summary. It itemizes deposits, fees, credits and debits of the real estate transaction.

Although in a different format, it mirrors the figures on the Good Faith Estimate.

Tip: When you go in to sign final documents at escrow, bring along your Realtor and mortgage representative's contact information and Good Faith Estimate. That way you can easily clear up potential confusion without leaving your signing appointment.

Escrow At Its Finest - Meet Linda

Over the years, I worked with many escrow companies but Linda shined like a star. Competent and knowledgeable, she carried out neutrality with courtesy and tact. Everyone felt special under her services. No wonder clients insisted on Linda for their next escrow.

Tip: Ask your Realtor to designate on the Purchase And Sale Agreement a reliable escrow officer.

Ask Kate Questions About Real Estate And Mortgages

Ask Kate is specifically designed to answer your questions and create dialog regarding how to get a mortgage.

You'll also find a wealth of information at Kate's Best Mortgage Rate Blog packed with the latest additions to this website, interest rate updates and a fresh approach to real estate and mortgages.

Valuable Resources For Home Buyers - Meet Your Dream Team

How To Buy A House - Part 1 Meet your real estate agent

How To Buy A House - Part 2 Meet your mortgage lender

How To Get A Mortgage - Part 3 Meet your home inspector

How To Get A Mortgage - Part 4 Meet your real estate appraiser

How To Get A Mortgage - Part 5 Meet your title insurance companies

How To Get A Mortgage - Part 6 Meet your homeowners insurance agent

How To Get A Mortgage - Part 7 Meet your escrow and HUD 1 statement

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When private mortgage financing originates between family members, property tax and mortgage interest deductions frequently come into question.

First Time Home Buyer Advice - You decided to buy a house! What's next?

How To Buy A House Q and A's - A complete collection of questions about home buying, each with a individual answer from Kate

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