What is an escrow account ?
What is an escrow account? Do I need one when home buying.
Established by your mortgage lender, an escrow account is a place to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance (if applicable), and property taxes.
Escrow accounts are a good idea because they assure money will always be available for these payments. If you use an escrow account to pay property tax or homeowner's insurance, make sure you are not penalized for late payments since it is the mortgage lender's responsibility to make those payments.
If you don't have an escrow account, when the taxes and insurance is due you will have to make a lump sum payment.
Next topic * Can I pay off my mortgage ahead of time?
Detailed tips on Buying a Home;
Buying a Home - Should You be Buying a Home?
* Are you ready to purchase real estate?
* Buying a home vs. renting
* Buying a home and tax breaks
Buying a Home - Get Ready to Purchase.
* Determine your housing needs before buying a home?
* Other questions to ask before buying a home.
Buying a Home - Get Prequalified for a Mortgage.
* What is the difference between mortgage prequalification and mortgage preapproval?
* What is a mortgage?
* How does a mortgage lender qualify you for a mortgage loan?
* What is a credit score?
* How can I get information about my credit report?
* How does my credit report affect my mortgage qualifying for home buying?
* What if there is a mistake on my credit report?
* Can I qualify for a mortgage to purchase real estate without a credit history?
* What income source(s) can be used to qualify for a mortgage?
* How much income do I need to qualify for a mortgage loan?
* What factors can affect my mortgage payment?
* How much of a down payment do I need when buying a house?
* What is an LTV, and how does it affect the size of my mortgage loan?
* What is included in the mortgage payment?
* What is an escrow account? Do I need one when home buying.
* Can I pay off my mortgage ahead of time?
* What type of mortgage loans are available?
* When does an ARM loan (adjustable rate mortgage) make sense?
* What do I need to do to secure a mortgage loan?
* When buying a home, how do I choose the right mortgage lender?
* Are there special mortgages for a first time home buyer?
* How does an interest rate factor in securing a mortgage loan?
* What happens if interest rates decrease, and I have a fixed rate mortgage loan?
* Research down payment assistance, government grants and mortgages by state.
* Mortgage calculator to calculate mortgage payment based on mortgage rates.
Buying a Home - Find a Realtor.
* What is the role of a Realtor, when home buying?
* How do I select a Realtor when buying a house?
Buying a Home - Searching for Homes for Sale
* What questions should I ask when looking for a home?
* What to look for in a community when searching real estate?
* Where can I find resources about communities I like when buying a home?
* How can I get information on local schools?
* When buying a house, how do I find out the price of real estate in a certain community?
* When doing a walk through, what should I look for?
Buying a Home - Make your Real Estate Offer
* When home buying, how do I determine the initial offer?
* What is earnest money deposit?
* Making the final offer to purchase real estate.
Buying a Home - Getting a Mortgage
* Now that you have found a house, take these steps to get a mortgage.
* When buying a house, what do I need to secure a mortgage loan?
* How do I choose a loan program when home buying?
* How do I compare mortgage terms between mortgage lenders?
* Information on mortgages.
* When applying for a mortgage, are there any costs or fees?
* How does a good faith estimate help shopping for a mortgage?
* What is RESPA?
* What are my responsibilities during the mortgage loan process?
Buying a Home - Close your Real Estate Transaction
* What happens after I've applied for a mortgage loan?
* What does a house inspector do, and how does a real estate inspection figure in when buying a house?
* Are there other types of real estate inspections I need when purchasing real estate?
* What are the terms of the sale agreement when buying a house?
* At real estate closing, what will my settlement cost be?
* What do I get after closing?
* What can I expect on closing day when buying a house?
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What is an escrow account ?