I just finished reviewing the intro course and found it to be a wonderful first glipse at the basics of mortgages! I do have a few questions the cropped up and wanted to pose them here. 1. What is escrow exactly? Why is it handled by a third party? 2. What are some scenarios in which an Adjustble Rate/Variable Mortgage make sense? 3. What is the role pre-approval plays in the loan process? Is it necessary all the time or just a recommendation?