Tax and Insurance Payments

By
Real Estate Agent with Prudential CT

Your monthly mortgage payment will be used to repay the money you borrowed plus interest. Part of your monthly payment may be deposited into an "escrow account" (also known as "reserve" or "Impound" account) so your lender or servicer can pay your real estate taxes, property insurance, mortgage insurance and/or flood insurance. You should ask your lender or mortgage broker if you will be required to set up an escrow or impound account for taxes and insurance payments.

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Topic:
ActiveRain Community
Location:
Massachusetts
Groups:
Activerain MLS Online

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Rainmaker
352,629
Pat Champion
Coldwell Banker Camelot Realty

This is great advice the buyer should find out all the necessary details involved in the process before closing.

September 17, 2009 12:03 PM
Rainmaker
420,953
Jean Hanley
Specializing in Folks Who Want To Buy/Sell Homes
Coldwell Banker Kivett Teeters

You know Kris, most people don't know some of this stuff, because nobody ever explains the process to them at all.  When I was an escrow officer, buyers and sellers came in to sign documents with me, and they asked questions that blew my mind.  They were simple things that should have been explained to them by their agent, their lender, or even their escrow officer but never happened.  I like to make sure my people know what they are getting into. 

September 17, 2009 12:13 PM
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Rainer
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Kris Gonet-Hall

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Additional Information

Advise, information, facts, mls features. Relocation/ new construction/ golf course communities/ investment properties/ short sale/pre forclosure/forclosure www.KrisSells.com Kris@KrisSells.com 413-204-6099