Escrow advance refers to funds that are temporarily advanced by an escrow agent or escrow holder to cover certain expenses or fees associated with a real estate transaction. These advances typically cover costs such as property taxes, homeowners insurance, and other related expenses.
The escrow advance may be paid back by the borrower in monthly installments, usually added to their regular mortgage payments, or the borrower may be required to make a lump sum payment to cover the advance at closing.
Escrow advances are typically used to ensure that all necessary expenses are paid on time and that the property remains in compliance with any loan or insurance agreements. It helps to streamline the transaction process and mitigate any potential financial risks for all parties involved.
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