Posted on: 09th May, 2012 01:32 am
We have to get into a house sooner than we wanted to. We wanted to save up more money so that we have a savings for back up. But situation has changed and we will have to move in sooner. I need to know how much can we expect to pay into escrow? How much for the inspection? Thanks in advance!
Hi gwan,
The amount that you need to pay into your escrow account will depend upon your property tax and insurance premiums.
Thanks
The amount that you need to pay into your escrow account will depend upon your property tax and insurance premiums.
Thanks
Hi gwan!
Welcome to forums!
I agree with what James Hogg has said. The escrow payments will be calculated depending upon the property tax and the homeowner's insurance payments. Nevertheless, you can contact your lender and he will let you know what your escrow payments would be like.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what James Hogg has said. The escrow payments will be calculated depending upon the property tax and the homeowner's insurance payments. Nevertheless, you can contact your lender and he will let you know what your escrow payments would be like.
Feel free to ask if you've further queries.
Sussane
When you pay extra to principal you are actually paying down the amount you owe - dollar for dollar.
So, definitely, pay principal.
It's smart too - usually.
So, definitely, pay principal.
It's smart too - usually.
If your question is how much your closing costs will be to escrow, will be determined by the lender you choose. Go with the right lender, and they can pay all your closing costs, except your down payment. Go with the wrong lender, and you will have to pay all the fees such as, lender fee about $1,000, appraisal about $450, and broker fee on top, if you go to a broker, plus the title and escrow fees, which are tied to the loan amount, but vary from company to company. You will also pay for the notary about 200, and recording about 125, plus the impound account if you choose to take one, which would be 2-3 months of insurance, 4-5 mos of taxes and a full year of insurance premiums. Shop around for your fees.
