Fees paid on the closing date to cover future costs like property taxes, interest, mortgage insurance and hazard insurance
Lenders want to make sure that their investment is secure, so they may require you to deposit a sum of money in an escrow account to prepay recurring costs, such as:
(1) your first six months of property taxes
(2) your first two months of hazard insurance
(3) your first two months of mortgage insurance, if required
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label hazard insurance. Show all posts
Showing posts with label hazard insurance. Show all posts
Tuesday, June 27, 2006
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