Home Buying in Huntsville>Question Details

HomeBuyer, Home Buyer in 35802

Question about Escrow: I am working with an out-of-town lender. Who determines who does the escrow? Can the buyer pick that?

Asked by HomeBuyer, 35802 Wed Oct 10, 2012

Who normally does the escrow here in N. AL?

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In the Huntsville/Madison market, the "Escrow" or, as we call it, "Closing" is held typically at a local real estate attorney's office. The standard of practice in this market is that "he who pays the predominate amount of settlement costs" chooses the closing attorney or escrow location.
It IS, a negotiable item between the parties. Good luck in your home buying.
0 votes Thank Flag Link Thu Oct 25, 2012
The mortgage company always holds the escrow to assure their investment is protected. Most mortgages are usually sold shortly after closing and the escrow follows the loan. They cannot change the terms of the loan as set forth at closing. Hopefully you will find this info helpful and good luck with your new home.
0 votes Thank Flag Link Wed Oct 10, 2012
escrow's can change if the insurance or taxes increase or decrease. Which will change the house payment. However if you have a fixed rate your interest and principal will remain the same. If you have an arm or balloon note those items fluctuate.
Flag Wed Oct 10, 2012
If by escrow, do you mean the closing attorney or title company? Regardless of the state, that is always the buyer's choice.

If you are purchasing an REO property, its generally easier to use the preferred vendor of the seller.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Oct 10, 2012
The lender escrows money to protect themselves in the event of foreclosure. Remember the lender owns the house until full payment of borrowed money is paid.
0 votes Thank Flag Link Wed Oct 10, 2012
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