Escrows & Prepaids at Closing — What You Should Know

If you are buying a home or refinancing a mortgage, you should be aware of the two most potentially expensive components of your closing costs: Escrows and Prepaids. What Are Escrows and Prepaids? Escrows are the initial amount you must put aside (i.e., pay) at closing to fund your escrow account with sufficient funds so… Continue Reading

How to Use an Escrow Account for Your Benefit

If you are about to close on a loan, whether you’re buying a home or refinancing a loan you already have, you will probably have an escrow account established at closing. This account is where your monthly payments of taxes and insurance will be deposited so that when taxes and insurance are due, your servicer… Continue Reading

What Happens at a Walk-Through?

After all the stress, the fighting, the planning, the paperwork and the screaming at the Universe to please, please, just don’t throw one more roadblock up, you’ve almost made it to closing. It’s time for your final walk-through. It feels a little like the kind of event you should be dressed up for — I… Continue Reading

Understanding Truth in Lending

I’ve said it before, and I’ll say it again — buying a house isn’t easy, there’s a lot to know and you simply cannot go into it without some education. One of the more important forms in your buying process comes when you make loan application. At that time, you’ll get something called a Truth… Continue Reading

Everything You Wanted to Know About Escrows

As your closing approaches, it seems more and more like everybody and their uncle is crawling out of the woodwork to demand your hard-earned money. You need deposits for the utilities, a great big moving truck and even more cash for something your banker swears he told you about — your mortgage escrow account. This… Continue Reading

Understanding the price of Closing Costs

Buying a house can be a confusing hurricane of paperwork, with lots of indecipherable legal documents and technical terms being tossed around. By the time you get to closing, you’re holding on by your fingernails, and just thankful that it’s almost over. You’re exhausted, emotionally and physically, but there’s just a little bit more to… Continue Reading

Understanding real estate property taxes

There are two things in this world that are inescapable: death and taxes. Real estate property taxes are no different, and unlike income taxes, aren’t dependent on how much you make or what kind of deductions you have. For a lot of homebuyers, their principal and interest payment looks nothing short of amazing, but once… Continue Reading