What is Escrow? Watch our newest episode of Real Estate 101 to hear our Team Lead, Megan Bock, break down what escrow means and why it is a crucial word to add to your vocabulary throughout your transaction!
Escrow: What is it?
We hear it all the time on HGTV. This is the money that you give a title company or your lender for your taxes and your insurance.
So here in Texas, if you want escrow, you will put your taxes and insurance with the title company at closing. That will be given to your length and they will hold on to it so that a year from now after you purchase your mortgage will pay your taxes and your insurance.
So every month you will be putting a little bit of money into escrow. You'll pay your taxes, your insurance, your mortgage and your interest.