The way I like to put it is your escrow account is a side account that holds the funds for your future property tax and homeowners insurance bills. Every month that you make a monthly payment a portion of your monthly payment goes towards funds needed in your escrow account to take care of property […]
What is an Adjustable Rate Mortgage (ARM)? An Adjustable rate mortgage allows your interest rate and principal to remain the same for a certain number of years (typically 5 or 15). After the pre-determined time has passed the rate can go up or down based upon the market at the time if you do not refinance your […]
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