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questions: What is an Escrow Account? Find out
- 01/05/15 02:52 AM
Many times during the home buying process certain words or topics will come up that you are not familiar with. One of most common topics I see come up is an Escrow Account. The short definition is that your Escrow Account is an account your mortgage company has to hold your taxes and insurance in. If you are “Escrowing” then in each of your mortgage payments will be 1/12th of your yearly real estate taxes and home insurance bills. So that when those bills come due, the mortgage pays them.
With an escrow account can come other questions, … (4 comments)
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questions: That Mortgage Pre-Approval Letter Ain’t Tellin You Nothin! 5 questions to ask the Lender
- 06/23/11 06:28 AM
All realtors know that the "pre-approval" letter is what tells you that a buyer is pre-approved for a mortgage. No two letters look the same, but you can bet they will have the buyers name, sales price, loan to value, owner occupied, etc. Some letters may tell you more or less. A buyer being pre-approved is only half the battle. Here are 5 questions you should ask their lender:
1. What type of Loan?- Is it FHA, VA, Conventional, HomePath, USDA, etc. Some homes won't qualify for certain loans, is the home approved for USDA, is the Condo FHA approved, is … (4 comments)
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