An escrow account is where you can put money to ensure that your real estate taxes get paid on time. Escrow accounts may be managed by either a mortgage company or the homeowner himself. Putting money in escrow means to set money aside in this account for real estate taxes. Learn the pros and cons of who should manage an escrow account.
Research Overpayment Of Closing Costs
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses the lender of double-billing, she needs to make sure she understands the closing statement and fees and understands what she paid for at closing and what she paid for prior to closing.
Calculating Buyer Closing Costs
Buyer closing costs can rack up in a hurry. Here's a detailed look at all of the closing costs you might have to pay when you buy a home.
We updated this article June 2009, take a look at the updated closing costs for buyers.
Mortgage Lender Minimally Raises Mortgage Payment
Why would your monthly mortgage payment increase by a small amount? It's possible that property taxes and homeowners insurance may be the cause of a small increase to your monthly mortgage payment. Talk to your mortgage lender to find out for sure.
Closing Should Include Tax Bill Discussion
What can you do if you receive property tax bills that were the responsibility of a previous owner? The title company who provided title insurance at the closing should be responsible for the costs. The title company certifies that a title is free and clear of all tax obligations at closing. All costs, including taxes, should be determined at closing.
Three Escrows Of Real Estate
In real estate jargon, "escrow" is a confusing word. There are three separate and distinct uses for the word "escrow" in real estate and to those unfamiliar with the intricacies of real estate language, they can be fairly difficult to understand.
Releasing Escrow For Home Repairs
A buyer and seller agree to set aside money in escrow for the repairs needed per the home inspection. Now the seller won't release the funds. The buyer and seller should have some agreement of file that indicates what the escrow money was for.
Refinanced Mortgage: Fees Associated When Homeowner Pays Off Mortgage
When you pay off a refinanced mortgage you may be hit with several fees. There are a number of fees the mortgage lender charges when a homeowner pays off the mortgage, such as processing and faxing fees. Learn what the fees associated are with paying off a refinanced mortgage.
Escrow Management And Who Pays Taxes
Escrow accounts hold money to pay property taxes. You can either manage your own escrow account or let your mortgage company do it. But if you manage your own escrow account you will get to earn interest on your escrow money. The best way to manage escrow money depends on each home owner.
Simplifying Home Closing
When you and the seller are ready to exchange a deed for cash, it's time to head to the closing. If it's your first purchase, you might find the whole closing process to be a bit daunting, but it doesn't have to be