How To Get A Mortgage - What Is EscrowHow 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. Let's meet escrow and learn why everyone is talking about a HUD 1 statement. What Is Escrow - Meet Your Neutral Watch DogSome 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 SellersEscrow 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.
Escrow At Its FinestOver 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.
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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.
