Posted on: 12th Aug, 2010 02:52 pm
CAN THE LENDER DEMAND AN IMPOUND ACCOUNT ON A BORROWER THAT HAS 70% EQUITY AND PREFERS NOT TO IMPOUND, AND IF SO HOW MUCH CAN THEY CHARGE HIM ,IF HE HAVE IT
THANKS
P. MORENO
THANKS
P. MORENO
Hi Atlas,
As far as I know, escrow/impound accounts are set up by the lenders to collect "up-front" money from the borrowers to cover future expenses such as property taxes and insurance. These days, most of the lenders go for this account whether or not you've equity in your property. As far as the amount to paid for the escrow account is concerned, it would depend upon your property taxes and insurance.
As far as I know, escrow/impound accounts are set up by the lenders to collect "up-front" money from the borrowers to cover future expenses such as property taxes and insurance. These days, most of the lenders go for this account whether or not you've equity in your property. As far as the amount to paid for the escrow account is concerned, it would depend upon your property taxes and insurance.
At that loan to value, I know of several lenders that don't require you to escrow. Are you working directly with a bank. It could be that bank doesn't allow you to waive escrows. Do your research, you'll find a lender that will allow you to waive escrows at that loan to value.
