Process
Escrow
An account held by a third party for taxes and insurance payments
Full Definition
Escrow: An account held by a third party for taxes and insurance payments. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how escrow applies to your specific mortgage situation.
Why It Matters
Understanding escrow helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Escrow refers to an account held by a third party for taxes and insurance payments. This is an important concept in mortgage lending that affects how your loan works.
Understanding escrow can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
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Connect with an NMHL mortgage expert who can help you navigate the mortgage process.