Answering Escrow Questions for the First-Time Home Buyer
The best title agency at the Lake of the Ozarks, Arrowhead Title provides the utmost closing and escrow services for all your real estate needs at the Lake. We are dedicated to our community and the clients we serve and as such are here today to tell first-time home buyers what they need to know about escrow services at the Lake of the Ozarks.
What Are Escrow Services?
Firstly, let's start by covering what escrow services actually are. Escrow settlement services help facilitate transactions. They are provided by a title company in the purchase/sale of real estate. Here is what you can expect those services to include:
- Handling the deposit and disbursement of funds
- Calculating and adjusting the amounts due for taxes, insurance, rents, etc.
- Securing a title insurance policy
- Recording deed and loan documents
- Coordinating the signing of loan and closing documents
- Preparing the final statement that outlines funds received and to be disbursed
Escrow Account? What's That?
What Funds These Accounts?
What Does it Pay For?
These accounts cover payments from the mortgage, real estate/property taxes, homeowner's insurance, private mortgage insurance, and homeowners association fees whenever applicable. An account is set up to have enough funds to cover these items as they come due throughout the year, ensuring all payments are made on time and taking that off your plate. You make one payment to your lender, and the accounts are filled and disbursed on the backend.
Real estate at the Lake is a large investment, so ensuring that you're working with a reputable company to assist you in these transactions is essential to the experience and results. Arrowhead Title understands the importance of this and as such provides great attention to detail, transparency, and communication on all of our escrow and settlement services at the Lake of the Ozarks. If you have any additional questions we may have missed, please feel free to contact us. As always, we're here for you!