Benefits of a "Mini-Escrow Holdback"

By
Mortgage and Lending with Lend Smart Mortgage NMLS#207208 NMLS 207208

Starboard Financial is one of the few mortgage lenders out there still offering escrow holdbacks!

 

What exactly is mini-escrow holdback?:

 

 

A mini-escrow holdback is when the lender will allow funds to be held back from the closing table to deal with an issue, such as a home repair without delaying or waiting for the actual repair to be done prior to the closing. For example, buyer writes an offer to purchase a home. Buyer has the home inspected and realizes that the roof has a leak. Buyer asks the seller to fix the roof prior to closing. Seller calls around and the earliest the roofer can come out to fix the roof is a week after closing. Normally this repair item would cause a delay with the closing. But not with the mini-escrow holdback. We can hold back up to $2500.00 at closing from sellers proceeds to cover the repair and close on time.

The benefits of a mini-escrow holdback can be the difference between a real estate transaction closing on time or having huge delays. This is just one of many great benefits of taking advantage of the mini-escrow holdback.

Posted by

Gary Miljour, Licensed Mortgage Loan Originator: 

 

 

 

 

 

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Topic:
Mortgage / Finance
Location:
Arizona Maricopa County
Groups:
Realtors®
True Mortgage Professionals
Tags:
fha
mortgage lending
conventional loans
va
escrow holdbacks

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Rainmaker
409,958
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Good to know information. I have never used a mini-escrow, but it may come handy in certain situations.

Jul 10, 2016 11:00 AM #1
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Rainmaker
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Gary Miljour

Mortgage Originator NMLS Licensed in AZ and NC
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