Mortgage Glossary
Escrow Account
A trust account created by a third party to hold money. In a mortgage transaction, generally these funds are used to pay taxes and insurance bills when they become due. To fund the account, monthly mortgage payments may include 1/12 of annual property taxes and insurance.
Escrow Analysis
Periodic examination of escrow accounts to determine if current monthly deposits are enough to pay taxes, insurance, and other bills when due. Lenders are required to review escrow accounts annually, and to provide you with the analysis.
Escrow Closing
A term used to describe closings in states where Deeds of Trust are used instead of mortgages. Generally, the title company will act as the escrow agent, and supervise the transfer of funds and property.
Escrow Payment
The portion of your monthly mortgage payment held in an escrow account to pay taxes, homeowner's insurance, mortgage insurance, lease payments and other items as they become due. In some states, this is known as impounds, or reserves.
Escrow State
States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.States that structure closings differently. You and the seller are not required to be in the same location. Instead, the closing agent coordinates the document signings as well as the funding of the loan with the assistance of a real estate agent involved in the sale or purchase. In some cases the closing, funding, and recording of the loan can occur on the same day, but usually the closings and funding will occur on different days. You may sign documents without certified check in hand if the loan is not funding on the same day. Attorneys are not present at closing. Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington.
