Escrow Accounts, Do You Absolutely Need One?
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and is
paid out each year. With that said, you may think that having an
escrow account takes the responsibility off your shoulders
because the bank will make the payment for you each year from
your escrow savings account. But beware, because many people have
found that their property tax and home insurance have not been
paid on time or at all!
Another negative fact about an escrow savings account is that
the lender holding it doesn't have to pay you interest. There are
only approximately 14 states that actually must pay interest on
an escrow savings plan. You can ask your financial institution if
they will allow you to save for your home insurance and property
tax in a separate savings account as well.
If you are applying for an FHA or Federal housing
Administration loan, try to avoid having to set up an escrow
plan. Some lenders may say that you have to have this type of
savings account, but it's not true. As a matter of fact, if you
offer to open your own savings plan to save for home insurance
and property taxes, your lender is required by state law to
Use caution though, because some financial institutions may
try to charge you a fee of up to 1% of the mortgage loan if they
omit the escrow savings account plan. Be sure to read the fine
print before signing anything.
MORE RESOURCES updated Mon. April / 12 / 2021
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Mortgage Loans Explained
In Plain English
With the many different kinds of mortgage loans out there,
choosing the right one for your needs can be a difficult
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pros and cons of the different types of mortgage loans
available to you.
What Length Mortgage Is
Right For You?
You've found the home that is right for you, and now you
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options for people out there, each one designed for a
different type of buyer.
Home Equity Loans - How
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If you've got a wallet full of credit cards, and monthly
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income, chances are that you've considered debt
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credit card debt. But did you know that a home equity loan
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your creditors, reduce your monthly payments, and get out
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How to Get Cheap Home
Loans with a Bad Credit
It's been years since you made any major improvements to
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Refinancing vs. Line of
Refinancing vs. line of credit are two popular options you
have when deciding the best way to take equity out of your
home. Sometimes it makes sense to establish a line of
Mortgage Free In 15
Imagine paying your mortgage off in 15 years! Think of all
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Measurement 101 -- Evaluate Your Own Ability to
We live in a society where people are losing their homes at
an alarmingly high rate. There are several reasons for
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13 Extra Costs to be
Aware of Before Buying a Home
Whether you're looking to buy your first home, or trading
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purchase price - that you must figure into your calculation
of affordability. These extra fees, such as taxes and other
additional costs, could surprise you with an unwanted
financial nightmare on closing day if you're not informed
How Much Home Loan Can I
Have you ever asked yourself how much home loan can I
afford? If you know how much of a payment you qualify for
before shopping for a home, your purchase will go much
smoother and it can save you a lot of headaches. How would
you like to find the perfect place to live then not know if
you can qualify for the loan? Long before you even start
looking for your home, you need to know how much home loan
you can afford.
How Much Interest is
Your Home Equity Earning?
How much interest are you earning on your home equity? If
you answered nothing, zero, zilch, zip you are correct.
What would you do if you could get triple compounding on
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would allow you to pay off the mortgage and create a
retirement fund? We use a strategy called Early Mortgage Pay
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How To Save Hundreds A
Month On Your Mortgage
When it comes to American spending habits, the sad truth is
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best use. One of the greatest examples of this is the home
To Refinance or not to
Refinance -- Here is the Answer
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mortgage to an adjustable rate mortgage. I have helped
people cut as much as $800 off their monthly payments by
turning their high fixed rate mortgage loan into a much
Home Equity Loans
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How to Shop Around for
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Before you start shopping around for a mortgage, you need
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Online Mortgage Loan
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There are many reasons to use the internet to take care of
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Fixed Versus Adjustable
Which One Should You Choose? Choosing between a fixed rate
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stand any number of years from today.
How to Find the Best
The purchase of a new home is one of the most important
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First Time Home Buyer
Loans Made Easy
When it comes to first time home buyer loans, a little
research can save you thousands of dollars over the life of
your mortgage. A wise consumer selects a mortgage lender
prior to shopping for a home.
How to Get Your Home
If you are thinking of purchasing a new home soon you will
need to know how to qualify for a new home mortgage. If you
have a good credit history you will find it much easier to
get approved for your home loan.
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