What Is an Escrow Account?

There are plenty of confusing terms in the real estate business, and ‘escrow’ is certainly one of them. Today, I’m explaining what an escrow account is, how it functions in a real estate transaction, and how it can be relevant long after you close on your new home. There are two main types of escrow accounts: one that holds your earnest money until close, and one that your mortgage service provider uses to pay your taxes and insurance every year. To find out more about how this works, watch this short video. Learn more: https://lmauroatx.com/what-is-an-escrow-account/