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RES334 Week 3 Discussion 1

Explain the benefits of escrow for both the borrower and the lender maybe? Do disadvantages exist for either party? If you were looking to purchase an investment property would you be interested in an escrow account? Explain.

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The benefit of escrow for both lender and buyer is this assures that everyone gets the money they are entitled to. If you are the lender you are glad that this makes sure the taxes and insurance are paid at closing. That protects their asset until the borrower pays back the loan. In some cases, the mortgage default insurance is required by the bank and it could range from the first year at closing and the monthly premiums decided at closing at that cost but is escrow and then gets sent to the insurance company on the due date (Brueggeman, W.B., & Fisher, J.D. 2011). This is also the case for property taxes. As far as the borrower, I like the fact that I do not have to put aside money to pay insurance and taxes and they worry

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