How Does Escrow Work? What is escrow?
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- How the escrow process works when buying a home in California. Great information for first-time homebuyers and real estate agents. Call Brian to get more information on how they work. 714-619-5609 or bkimball@WaterstoneMortgage.com
www.brian4homel...
Brian Kimball NMLS ID# 237105
How does escrow work?
What is escrow?
How can I buy a home?
Can I afford to buy a home?
that was very helpful, thanks for posting
primate924 it’s my pleasure - let me know if i can do anything to assist you, i am able to lend in 43 different states!
Best video. You explained it with great patience, great pace and volume. Very unrated video. Thank you very much.
"surviving" dorm life is pretty accurate
so should i just save up for an apartment lmaoooo????
amazing explanation i was never able to understand what escrow was until now ty!
Sooouuunds like a fancy scam! Yet another way to line some middle man's pockets while screwing over the most vulnerable home buyers.
This is great! Very creative and informative video.
Bryn Cook Real Estate Agent thank you!
I really appreciate this.
Sounds like more scams to keep the scam going
Such hyperbole and overexageration. Not helpful at all
Hey there! Thanks for taking the time to watch and offer feedback on the video! We’ll try to do better in the future to provide you with better content!
2 min. Of defining how the nature of greed adds more 3rd party leeches to "assist" you in losing more money through a binding contract that "assists" you in making a mortgage rate even higher than it had to be. I imagine alot of used car salesmen type people in those companies.
I understand it a little better but I really don't see the need to pay someone to hold money.
Its pretty much the same concept as insurance in my opinion. Your just paying someone else for a different service for that same service. Remember when gap insurance wasnt a thing?
Brian! I freakin love this!
What fees does escrow take care of for you? I’m getting all kinds of bills sent to my home, I don’t know which ones I got to pay and which ones does escrow pay for me
This didn't help me at all.
Sorry to hear that this did not help you! Is there a specific question you have that we could assist with?
I love "1 bedroom" dump was like portrayed as one of the worst ways to live 10 years ago. Nowadays people have to live in closet-sized spaces with shared bathrooms if they wanna be able to afford living in a large city.
I have 1 questions
Im selling a domain on escrow but how do i get the money to my bank account. Do i need to be a verified account to withdraw the money?!
Lesson learned, be very careful with escrow agreement language. I had a title company refuse to release my funds despite all terms being met. I had to take them to small claims to release my funds
I had an escrow about to release my funds to a seller when their house was still not cleared because they owed so much money to property tax
Im only here because Beyoncé said she had billions in escrow
how do you bury the lead this hard in a 2 minute video
the caveman just want to beat the vault, feelsbadman :(
You lost me at "escrow".
Is an Escrow balance money that you need to pay or back up money?
I pay my mortgage each month & I see that I'm also paying the monthly payment for escrow as well as tax, insurance , county tax etc.
There are 2 different things that use the same term, “escrow”. This video is focused around the “escrow process” which is the time from when you have an offer accepted on a home until you close on the home. This is a 1-time thing when buying or refinancing a home.
Your escrow account on your mortgage is where the loan servicer holds funds in an account for both taxes and insurance. This is ongoing on your mortgage as long as you have tax and insurance impounded by your lender.
I hope this helps to clarify for you but please feel free to ask additional questions
@@brian4homeloans yes , thank you Sir
@@brian4homeloans You should have explained this in the video. THUMBS DOWN on a video that didn't really explain the whole concept.
@@colderbeer sorry to let you down, pal! I hadn’t addressed an unrelated topic to keep the video focused on one subject but thanks for the tip for next time!
My escrow is weird I pay more then enough to pay my HOI and Taxes for the year and I always have to give them $1,000 as a “escrow shortage”!
Jasonthehammer I would encourage you to contact your loan servicer and ask them to audit your impound account. Depending on where your home is located, the escrow shortfall could be due to an increase in property taxes or insurance, as well.
Escrow begins once the documents are completely signed, or the date when an offer has been agreed to?
Hi Demure! Typically the escrow process begins once you have a signed contract on a property, but in some cases there are alternate times that the escrow process can start based on your contract.
Demure Villeneuve Winslet, I put $5000 on escrow, how that money is distributed and what happens with the money after closing?
@@SuperMoreno22 Your $5,000 you put into escrow as a deposit goes toward your cash needed at closing of escrow on closing day. So say with your loan down payment and prepaids and insurances, your cash needed to close is 15,000. Your title company takes your 5,000 you put in escrow and the new balance due is now $10,000. Hope this helps!
Is Escrow trustworthy to hold money?
Hi there-yes they are, it’s the very reason for their existence!
1:31 Doomguy wears glasses?
I'm so glad someone else noticed. LOL
So escrow is a legit company middle man that secures the funds from one person to another
So how and when does escrow get opened? Is it when the buyer and seller agent submit a contract to a title company? Is it automatically opened and does the title company then do a title search
Escrow is usually opened when you have fully signed contract between the buyer and seller. The buyer then submits and Escrow deposit (goes toward cash toward closing) usually within 1-5 days of executed contract. The realtor will send the signed contract to the title company or escrow attorney and they will initiate their process for the escrow process including title search, lien searches, mortgage payoff, etc. Hope this helps!
@@Ms.lindahart okay, so if there is no realtor involved, then i the buyer, take the signed contract to the title company, pay them an EMD, after which they open up escrow, correct?
shashgo If your contract has the seller designating the closing or title company then you or the seller will give that said company a copy of your contract and your EMD deposit within your state mandated time frame.
Thank you this is so helpful!
So a third party takes your money so that they too can get a piece of the pie? No thanks.
You're fucking stupid if that's what you took from this clip
Hey 380stroker. They are an intermediary to ensure you do not get taken advantage of or ripped off. Although they do collect money for their services, in my opinion (and i'm not in the industry), they are well worth the 1% fee they typically charge.
@@brian4homeloanspretty much insurance reworded. Thats how medical costs and car prices sky roketed and eventually houses followed the same road. At this rate escrow insurance is just on the horizon.
(Edit) - context of insurance here meaning paying yet another 3rd party for damages in case your escrow middleman decides to take advantage of their clients. Not insurance from said escrow company itself.
Who opens the escrow account? Buyer or seller?
Escrow is actually opened by the escrow holder. Depending on the state the property is in, there may or may not be a separate escrow company. In many cases, the title company acts as the settlement agent.
who picks the Escrow company ?
Loved it!
Simple explanation. Thank you very much.
so is that a process all people that are financing a house will go through ?
Hi Raul. The escrow process is specifically for only a few states, however much of the process is very similar around the nation.
@@brian4homeloans The process is specifically for only a few states?? What do you mean by that???
@@duckbrew Hi Raul. Many states do not use "escrow" to manage the transaction and instead use a title insurance company to handle the settlement. Some states use attorneys alongside of the title company. Each state can have it's own unique differences as this is a state-legistlated item (real estate transactions), but the process is very similar across the country. Hope this helps! Feel free to call me if you have further questions 714-619-5609
My landlord cut hot water then shower facilities for 6 weeks I said it was disgusting
How does that dot connect to escrow out of curiosity?
Did we ever find that mediator?
So in summary: escrow is just like some kinda thing with a company and it’s good and you don’t have to worry about it ?
As good as gap insurance if youre into that kind of thing.
Glad to see Paul married Garfunkel and took his last name
Alternate title: "John Hodgeman buys a house"
Great video!!!
that stone at the end tho xD
Thanks for this video!
What happens if you don't pay your escrow?
Your escrow account is typically included in your monthly payment. Lenders do not accept partial payments, so the only way to not make your escrow payment is to not make your mortgage payment. If you are unable to make your mortgage payment, you should contact your loan servicer to ask about your options right away.
So helpful
Thank you!
awesome video
Poor selection of the voice in the AD
Sorry you don’t like my voice!! Hope the information in the video was helpful, though!
awesome vid
Thanks
Welcome
Thanks ❤
Happy to help!
So when your mortage is finally paid off do we still use escrow?
Anamarie Luna the escrow process described in this video is strictly addressing the escrow process of purchasing a home.
It sounds like You are referring to the escrow, or impound, account associated with your property tax and homeowners insurance in your monthly payment. Once you have paid off your mortgage, you will be responsible to make insurance and tax payment on your own.
@@brian4homeloans thanks!!
@@anamarieluna9595in other words, discipline yourself to be responsible for the bills you accumulate right off the bat and skip paying the leeches looking for vulnerable targets.
Great video!!
So exactly what does it mean again?
Exactly
That your paying more money on a mortgage for someone to make sure your mortgage, insurance, and property taxes are paid.