You have probably heard home buyers, sellers and real estate professionals talk about being in escrow, close of escrow, or even “falling out of escrow.” What do these terms mean, and how will they impact your home buying journey?
When most mortgage borrowers sit down to crunch the numbers, they often focus on how much money is needed for a down payment, the home purchase price, and the estimated costs of their monthly principal and interest payment. Yet, many people overlook the costs of their escrow impound account.
- Posted by Jordan Blakley
Buying a home can be one of the most rewarding investments you will ever make. However, it can also be one of the most costly. As a result, many lenders suggest prospective buyers determine a home’s monthly mortgage payment before making a commitment. This will help borrowers better gauge if a property will comfortably fit within their current budget.