Newsflash: ELI5. The relationship between mortgage lenders, title companies and insurance providers.

I have little understanding so maybe this inquiry is way off base. If that’s the case, help me understand by shedding light on them individually. All I know is that the mortgage application requires information for both title and insurance so I’m assuming there’s a relationship here.Also: Where does my money go? More specifically what is an escrow account how does it work? Why the need for a deed and title (if they are different). What is title insurance and why?Help me out here. I’m first time home buyer and in case my questions don’t show it, I’m confused about all the administrative items and processes.

Read more at https://www.reddit.com/r/RealEstate/comments/6ivrrf/eli5_the_relationship_between_mortgage_lenders/?utm_source=ifttt

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