Not sure exctly what is your question?
How much is the escrow fee?
If you are actually waiving escrows, the fee exists for purchases and refinances depending on the lender. If the fee exists, it exists for both.
How much is the escrow fee?
If you are actually waiving escrows, the fee exists for purchases and refinances depending on the lender. If the fee exists, it exists for both.
what I mean is it possible for the borrower to pay their insurance and taxes and not have these costs as part of the monthly mortgage payment on a refi transaction.
Thank you for clarifying your question.
You are asking if escrows for taxes and home insurance are required to be included in the monthly mortgage payment (that is a different question than escrow fees).
The standard guideline is that escrows are NOT required by the lender as long as the loan-to-value is 80% or less.
Another way of saying that is: As long as private Mortgage Insurance is NOT required for the mortgage transaction, escrows are NOT required to be part of the monthly mortgage payment.
You are asking if escrows for taxes and home insurance are required to be included in the monthly mortgage payment (that is a different question than escrow fees).
The standard guideline is that escrows are NOT required by the lender as long as the loan-to-value is 80% or less.
Another way of saying that is: As long as private Mortgage Insurance is NOT required for the mortgage transaction, escrows are NOT required to be part of the monthly mortgage payment.