What does it mean when they ask you if you want to hold your escrow or roll it over

Answers:

Answer

This may apply to escrow accounts for taxes. When a new home owner initially purchases a house the lender may require that an escrow or impound account be set up for taxes and insurance. The borrower pays monthly into the account. When the loan is refinanced, the home owner may have the option of rolling the existing escrow balance over into a new escrow account held by the new lender, or managing the money directly. If there is an escrow account then the monthly amount is included as part of the total monthly mortgage payment, and the lender pays property taxes and hazard insurance out of the account. If the borrower chooses not to have an escrow account, then the borrower is responsible for paying property taxes and insurance.

ad
Relevant answers:
  • What does it mean when a guy asks what you want from him?
    Depends on context. If he says it with a great deal of exasperation, then you're not being clear with what you say to him, and he's annoyed with you. If he says it loudly (and probably with a lot of...
  • What does it mean when someone ask what do you want to do with me?
    Its like any other question. Example:Like are you hungry?
  • What does it mean if your girlfriend holds wants you to hold her against a wall?
    That either means she is horny (no offense), wants some lip action or kids She is alot..and it is lip action..i found out today :) we are still teens early teens....so no kids just yet. lol
  • What does it mean when you boyfriend ask why do you want to say with me?
    It means that your boyfriend is fishing for compliments. I've had boyfriends or just guys who like me ask me that too... it usually means they aren't feeling confident (whether its about the...

    • Can you answer these questions?