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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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first time home buyer and i have a few questions
The escrow account that is opened for insurance and taxes...Who opens this? The bank, me , or my lawyer?
Also
does my mortgage company give me my home owners insurance or is this something that I must apply for myself?
I have a call into my bank and am waiting to hear back but sometimes it takes him a day or 2 to get back to me. Also on the verge of firing lawyer so I am not going to bother asking his mother. (she is his asst and a road block, she doesn't let us speak with him and she is dumb as dirt)
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Posted 4/21/09 12:01 PM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: first time home buyer and i have a few questions
You need to apply for homeowners insurance yourself. You'll have to give a letter stating the policy to your lender.
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| Posted 4/21/09 12:04 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: first time home buyer and i have a few questions
The escrow account is part of your mortgage. You don't have to worry about that.
Yes, set up your own homeowners.
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| Posted 4/21/09 12:30 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: first time home buyer and i have a few questions
When you first get your homeowners insurance, you arrange it and pay the full year up front.
If you are escrowing - the mortgage lender sets up the escrow account for you. Going forward, you will contribute to the escrow account each month for homeowners (and taxes as well) and they will make your payments for you.
Message edited 4/21/2009 12:35:43 PM.
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| Posted 4/21/09 12:35 PM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: first time home buyer and i have a few questions
Posted by ali120206
When you first get your homeowners insurance, you arrange it and pay the full year up front.
If you are escrowing - the mortgage lender sets up the escrow account for you. Going forward, you will contribute to the escrow account each month for homeowners (and taxes as well) and they will make your payments for you.
do you have a choose to escrow? isn't this something that the bank makes you do?
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| Posted 4/21/09 12:38 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: first time home buyer and i have a few questions
Posted by enewedded
Posted by ali120206
When you first get your homeowners insurance, you arrange it and pay the full year up front.
If you are escrowing - the mortgage lender sets up the escrow account for you. Going forward, you will contribute to the escrow account each month for homeowners (and taxes as well) and they will make your payments for you.
do you have a choose to escrow? isn't this something that the bank makes you do?
You may or may not have a choice to escrow depending on the bank and how much money you are putting down.
We were able not to escrow (for a fee) but, we closed about 2 years ago. From what I've heard, it's getting harder not to escrow. If you don't pay your taxes - the government has first dibs on your property and the bank is left with nothing so they want to avoid that.
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| Posted 4/21/09 3:47 PM |
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enewedded
LIF Infant
Member since 3/09 272 total posts
Name:
Ellen
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Re: first time home buyer and i have a few questions
Thank you
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| Posted 4/21/09 4:55 PM |
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