Sunday, December 9, 2018
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2925 Highway 51
LaPlace U.S.A., Louisiana 70068

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Everything You Need To Know About Real Estate

What, exactly, is escrow?

In / Out Boxes Most lenders require homeowners to pay hazard insurance and taxes, and, in some cases, mortgage insurance in monthly installments. The monthly installments go into an escrow account set up by the lender. The lender then pays the bills from the escrow account. A borrower might ask: "If I never see the bills, how do I know if the monthly set aside is correct?"

Find out correct amount.
You may need to contact your taxing authority and insurance carriers to get the amount for the bills. Your copy of the lender's annual report to the Internal Revenue Service may also break down the expenditures from your escrow account.

Here are some danger signs that indicate you may be overpaying into your escrow account:
  • Your escrow payment is increased by the lender, but taxes and insurance have not risen;
  • The lender requests funds to cover private mortgage insurance after your equity exceeds 20%;
  • Your mortgage has by sold by one service company to another and the escrow amount is different;
  • A large amount of money stays in the escrow account;
  • Unanticipated or unexplained deductions are made from the escrow account at closing.
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FIRST TIME How To Buy The Most Home For Your Money
QUALIFIED How Much House Can You Really Afford?
TIRE KICKING Secret Tests To Check A Property's Condition
LOCATION LOCATION: The Most Important Questions Every Buyer Should Ask
NEGOTIATE How To Buy The Home You Love At The Price You Want
SEARCH Quick Checklist For Finding The Perfect Home
INVEST YOUR RENT Why Pay Your Landlord's Mortgage?
MORE FOR LESS Six Tips For Getting The Best Loan
OPTIONS 10 Savvy Ways To Pay For A Home Today
SHELTER Six Little-Known Ways To Help Relatives Finance A Home
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