The Best Mortgage Rates 2017 NAPA CA
Affordable payment can help you shop through a variety of lenders, banks, mortgage brokers and providing you custom rates without any of these banks, lenders, brokers. You do not have to give out your personal information to any of these brokers or lenders. Get qualified for the lowest mortgage and right program and excellent support from Affordable payment.
In this Article we shall focus on answering some common queries of NAPA CA mortgage borrowers:
How Much Money Must be In Escrow Account of Napa CA Mortgage borrower?
Lenders usually require mortgage borrowers to have two months of tax and insurance in the escrow account. The logic is that should there be an increase in taxes the lender does not have to come back to the borrower asking him to make more payments towards the end of the month. Mind you escrow is not a cost. It’s the borrower’s liability that has been outsourced to the lender. Borrowers must keep track of their tax and insurance payment that it is being made by the lender on time because at the end of the day it’s still borrower’s liability. Outsourcing it to the lender does not exonerate the borrower of his liability towards paying property taxes and insurance. So the borrower should keep a track of the payments.
A question often arises. What would happen to my escrow balance when i refinance. Escrow was borrower’s money being handled by the lender to pay the tax and insurance. So when you refinance, this is borrower’s money. By law the lender is to wire back the money to the borrowers account or write him a check within a maximum of 45 days. So a borrower need not worry in what is going to happen to his escrow reserve fund. The money belongs to the borrower and shall be given back to him.
Tips for escrow account users of Napa CA mortgage borrowers:
Having outsourced your payment for taxes and insurance to the lender does not exempt the borrower in any way so a borrower must keep a track of tax and insurance payment.
Always check the monthly statement for escrow balance to make sure that you have enough funds to make the payment for tax and insurance.
If your property tax increases, your monthly payment too would go up. That however does not mean that your house payment has gone up. Ask the lender to explain you why the payment has gone up for a given month and then verify the same with county and the insurance company.
If you do not wish to set up an escrow account then you must plan to save enough to pay the taxes and insurance yourself.
If you fail to pay your own home insurance policy. Its likely that the lender would buy an insurance policy that basically protects the lender of its sum lent and ask you to set up an escrow account.
If you fail to pay property taxes, your lender may pay the property tax on your behalf and add the amount to your principal a balance and have you set up an escrow account.
Should your lender not pay the property tax and insurance on time? You may report the same to Consumer Finance Protection Bureau.
Call Napa CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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