Who is escrow?

An escrow company or agent is an independent third party that handles aspects of the purchase and your loan transaction. Click here to see how escrow fits into the home buying process.
An escrow company or agent is an independent third party that handles aspects of the purchase and your loan transaction. The escrow company will often:
  • Hold the down payment
  • Receive the amount of the loan from the lender
  • Transfer the down payment
  • Transfer and record the deed of the title to the buyer
  • Make sure the lender is protector by filing and recording the mortgage with the local recorder's office.

How does escrow fit into the home buying process?

The home buyer and seller usually will pick an escrow company while negotiating the purchase agreement. The escrow agent will then collect the buyer's deposit and then open escrow. Then the buyer will work with the lender for final loan approval. This process normally takes 30 days. After final loan approval, escrow will receive loan documents and collect the rest of down payment and closing costs from buyer, then release the property into the buyer's name through the county recorder's office.

For more information, call Cornerstone Mortgage at (661) 370-0600 and see how we can help you.
 
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