-: Hi, I'm David and you know who this is.
Katy, Loan Originator from Wright-Patt Credit Union.
Let's talk about closing costs.
Nobody can avoid closing costs.
-: There is usually cost associated with a mortgage, right.
-: Okay, and that can be scary.
A lot of folks will be like I don't have money for closing costs.
What does it include?
-: It can be scary, but we'll definitely make sure
you understand everything.
Closing cost can include the appraisal, title,
underwriting, and also usually escrow.
-: Escrow, let's talk about escrow
because I have no idea what escrow is.
I hear it all the time, I just don't know what it is.
-: You're not alone.
-: I actually didn't know what it was
till I started working here.
-: Really?
-: So escrow is actually an account
that we use to collect your property taxes
and your home owners insurance
and we do that with your monthly payment.
So that way when the bill's due,
you won't have to come up with that money out of pocket.
We'll just pay it for you.
-: Escrows a good thing.
-: Yeah.
-: Right?
Okay, so look here's the deal.
No matter what questions you have about buying a home,
even the toughest question of all time,
what is escrow, they can answer it
at Wright-Patt Credit Union.
Narrator: Save better, borrow smarter, learn a lot.
Wright-Patt Credit Union's making life a little easier.