Escrow its for your protection unless if you want to hire a lawyer.
You want protection for your money.

Look at this blog it will help you to learn more about your question.
I've got most of my answers there as well.

Good Luck.

Hi Greg,

Are you still looking or did you find your dream home.

If you are still looking I can get you pre-approved, will try of Escrow Waiver. Many factors are involved.

If you found your dream home how many days do you have before you close?

It would be my pleasure to do the financing.

I am based in Santa Clara and you can reach me at 408-505-5797.

Jacob

Greg,

Unless you're looking at using an FHA loan, you should be able to avoid an escrow account for taxes and insurance here in CA. Most homeowners here opt not to impound/escrow taxes and insurance, but realize that this is out of step with the majority of other states. So it is not uncommon for an out-of-state loan officer to assume you'll have escrows on a new loan. But again, on a conventional loan with 80% LTV, you should be clear to waive escrows nearly all the time.

Let me know if I can assist.

Rob Spinosa
rspinosa@mortgagemasterinc.com

Escrow is an important legal part of purchasing a property. Escrow represents the Buyer, Seller and the lender (if there is a loan involved) in finalizing the transaction. The Escrow company makes sure that every document is legal, and that there is a clear title for the Buyer. The Escrow or Title Co. is an impartial entity to help all parties involved and to record the new ownership with the County. Some states, other than California, use Attorneys to do the same thing.

Yes, typically if you put 20% down you have the option of waiving the escrow requirement. However, there are a few things to note:
* Your credit and overall application profile will determine whether the lender can approve you for an escorw waiver.
* You may be charged a fee to waive escrows. I have seen the fee range from anywhere from $50 to $500 but I will say that about 75% of my clients who inquire about it, pay nothing at all.
* Your lender may still use the monthly tax and insurance amount to qualify the loan. So if your debt ratios are high, you may not improve your chances of approval by asking that escrows be waived.
* Not every lender may offer an escrow waiver

If you have any questions, please feel free to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com