Don’t be intimidated while buying your first home! The more that you know about the home buying process and the more first time home buying tips that you have, the more relaxed you will feel on your first home buying adventure. In learning about home buying, you will have to learn about the fees associated. One of these fees is the escrow fee. Do not worry if you don’t know what it is at first, it’s not difficult to understand.
The escrow fee is a closing fee paid to the escrow company, title company or attorney that conducts the closing. In some places, real estate attorneys are required to be present during the closing. This is a separate fee from the escrow deposit. The escrow deposit requires two months of mortgage insurance payments and property tax payments.