Posted on: 12th Jan, 2009 11:26 am
Do you have to escrow if borrowing more than 80% value in Texas?...Do you have to escrow if borrowing more than 80% in Texas? I'm refinancing my home. No cash out. Just lowering the rate and monthly payment.
Hi lesanita,
In my opinion, escrow account is a good option. It is established by your lender wherein you can set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance and property taxes. This will assure that money will be available for these payments. If the lender asks you to go for an escrow account, I think you should agree to it.
Thanks
In my opinion, escrow account is a good option. It is established by your lender wherein you can set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance and property taxes. This will assure that money will be available for these payments. If the lender asks you to go for an escrow account, I think you should agree to it.
Thanks