Loan Programs, Rates & Fees Help
When your loan includes an escrow account, you pay the lender a monthly amount which is determined by federal regulations. As money accumulates in your account, your lender uses the funds to pay one or more of the following, as they come due: property taxes and homeowner’s insurance, and/or flood insurance. Ask your MLO what your escrow includes.
Private Mortgage Insurance is often required on Conventional loans when a borrower has less than a 20% down payment. It is a special type of insurance that protects the lender should the borrower default.
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