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Tag Archive | "escrow account"

Mortgage Questions: Prepaid Interest and Escrow Accounts

This mortgage questions post will cover the topics of prepayment. Several questions we have received have related to the topics of prepaid interest and also escrow accounts. Many find it difficult to understand the concept of ‘escrow’ in general. We shall try to make that clearer here. First, however, the question of prepaid interest. Mortgage […]

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Escrow Accounts and Why You Need Them

Escrow accounts are a means of paying small regular sums of money to cover large sums required at regular intervals such as annual homeowners’ insurance payments.  Escrow is a good way to make sure you can make such payments when they are required. Escrow accounts are not required by everyone, but they are useful to […]

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Private Mortgage Insurance Basics

Private mortgage insurance is usually required when you take a mortgage loan. In fact it is generally included in your mortgage payment and placed in an escrow account along with any tax liability. This protects the lender against any inability on your part to pay the full annual lump sum when it is due. Must […]

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Mortgage Basics: Prepaid Interest and Escrow Accounts

Many find it difficult to understand the concept of ‘escrow’ in general. We shall try to make that clearer here. First, however, the question of prepaid interest. Mortgage Questions: What is Prepaid Interest? In mortgage terminology, prepaid interest relates to an advance payment made to cover the interest due for the remaining days of the […]

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