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First Time Home Buyer: What is an escrow payment and how does this affect an owner's monthly mortgage payment?

By
Real Estate Agent with Keller Williams Realty

What is an escrow payment and how does this affect an owner's monthly mortgage payment?

Escrow payments are included in the monthly mortgage payment paid to the mortgage company. They are used to cover the annual cost of insurance and taxes on the home. In some cases, based on the amount of the down payment, mortgage insurance premiums may also be included in the monthly escrow payment.

Comments (1)

John Pusa
Glendale, CA

Steve - Thank you for sharing detailed quality information on First time home buyer.

Feb 19, 2012 08:50 AM