A good credit score can earn you lots of advantages in life: lower interest rates on lines of credit and loans, like auto and home loans; better insurance rates; lower security deposits on rentals, cell phone services, and new utilities; and even a stronger job application with employers who run a credit check.

If you’ve ever purchased a house, or you’re thinking about buying one, you’ve probably heard the term “escrow,” but that doesn’t mean anyone has explained what it means! This article is here to demystify the term and make you more informed and confident, whether you’re buying, selling, or already own a home.