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Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
What is a Net Escrow Payoff? A Net Escrow Payoff allows us to take the balance in your existing escrow account and apply it as a credit toward the payoff of your existing mortgage loan that is being refinanced. Weâre only able to do this on loans AimLoan.com is currently servicing. If you have chosen to escrow property taxes and/or insurance on the new loan, a new escrow account will be set up. There is no additional fee to request a Net Escrow Payoff.