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Understanding What Escrow is and How it Works (www.redfin.com)

As a homebuyer, there are actually two different times you’ll be dealing with escrow. The first takes place during the home buying process. Escrow starts with your purchase offer on a home and ends when you close on the house. The second escrow period kicks in once you’re a homeowner. This is a contractual agreement that begins after you close on your home and ends once you’ve paid off your mortgage or refinance with another lender. We’ll take a look at both types of escrow and how they work below. 

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