Escrow Advance: What It Means and It’s Role in Refinancing?


If you are planning on refinancing a house or a property, you might have heard your lender or mortgage agent mention the word ‘escrow’ a few times. What does escrow mean and what is an escrow advance? The term escrow is used to define a financial arrangement in which the neutral third party holds the funds on behalf of the lender and borrower. It is a vital financial arrangement that is set up during the transition to a new loan during the process of refinancing. Escrow advance helps bridge the gap that might arise when transitioning from the old loan to the new loan term. It offers a safety net for the borrower so that they don’t miss any payments and face any discrepancies. Escrow advance is a temporary solution that is often provided by the lender.

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https://dreamhomemortgage.com/escrow-advance-what-it-means-and-its-role-in-refinancing/

Website URL Dream Home Mortgage Services | A Division Brazos National Bank

Official Email info@dreamhomemortgage.com

Address 6005 W Park Blvd, Plano, TX 75093

Phone Number (972) 245-5626

Owner Name Mr. Hussein Panjwani

Location: 6005 W Park Blvd, Plano, TX 75093, USA

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