Escrow and Closing Costs
Escrow Accounts are where funds are held for the borrower to pay taxes and insurance when they are due. Funds are also held here can include earnest or trust money while the property is under contract.
These funds are held separately from normal operating funds.
Buyers and sellers should be aware that closing costs are a part of most real estate transactions.
These costs may include but are not limited to loan origination fees, discount points, appraisal fees, surveys, taxes, deed recording fees, and credit report charges.