Mortgage interest rates are starting to inch upwards, and it’s difficult to know when they’ll start rising for good. If you’ve been thinking about buying a new home, now is a good time to take action before the holidays are in full swing. Traditionally, inventory dwindles during the winter months, so it can be difficult […]
When you’re ready to buy a home or refinance a mortgage, an escrow account will inevitably be part of the mix. A purchase escrow account safely holds funds during every real estate transaction. A mortgage escrow account holds funds during the life of the mortgage to cover property taxes and insurance premiums. Escrow accounts protect buyers, sellers, agents, […]
Impound accounts, also called escrow accounts in some parts of the country, are set-aside accounts used to pay property tax bills and insurance premiums when due. Each month when someone makes a mortgage payment and there is an impound account set up, 1/12th of the annual tax bill and 1/12th of the insurance premium are […]
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