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. Read More... 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...