Mortgage closing: Why does my lender want so much escrow money?

One of the biggest costs you’ll encounter when closing on a home is the “escrow account.”

You’re probably not too excited about contributing to this fund, especially because you have no idea what it’s for.

While this may feel like an unnecessary charge, escrow is actually just a way to prepay costs associated with owning a home.

Let’s dive in a little deeper.

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Source: The Mortgage Reports - Peter Miller