Posted on: 06th Feb, 2011 06:25 am
Why does the my mortgage lender collect my payments and escrow payments for taxes and insurance? How do I pay them myself.
Escrowing is required on an FHA loan..... no exceptions
Lenders like to escrow because it makes the loan less risky. People who pay their own taxes/insurance tend to get in payment trouble more often.
is your loan conventional? do you have any equity?
Lenders like to escrow because it makes the loan less risky. People who pay their own taxes/insurance tend to get in payment trouble more often.
is your loan conventional? do you have any equity?