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Mortgage Escrow Accounts: What They Are & The Options You Have
 
Mortgage Escrow Accounts:
What They Are & The Options You Have
 
The topic of "borrowing power"  and questions surrounding "how much home I can buy" are raised almost immediately by prospective mortgage clients during our first conversation together ...  
It's understandable and natural.  They're excited and anxious.  That's especially true when the client is a first-time home buyer.   
  
Most are laser-focused.  Their ultimate goal is to find out:  
 
"What's the maximum amount of money I can borrow?"  Or when purchasing, the question is often simply, "What price of home can I view?"  Again, that's understandable.
 
But while that information is certainly a portion of what must be discovered and explained during our conversations (and ultimately during the Pre-Qualification/Pre-Approval process), in actuality, it's not the dollar amount or Sales Price of homes they should be most concerned with.
 
No, their focus and concern should really be on the dollar amount or total  Monthly Mortgage Payment they can qualify for.  A payment that will be dictated by several things, including:
 
The Sales Price of the home being considered  Real Estate Taxes on that specific property  The cost of the Homeowner's Insurance coverage needed for that property  If Mortgage Insurance is needed in order to purchase the home   If an HOA Fee (Homeowners Association) comes with the specific ... more

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