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Frequently asked questions
(by category)
Selecting a mortgage
Prequalifying and Applying
Rates and Costs
Escrow questions
Closing
Mortgage Payments and Payoffs
Most Common
Escrow questions
Q.
Do I need an escrow account?
A.
Most mortgages require an escrow account, it is possible to obtain a mortgage without keeping an escrow account. Sometimes you get a better rate given that you are paying taxes and insurance through escrow. FHA and VA mortgage require that you have an escrow account.
Q.
What is an
escrow account
?
A.
When you close your mortgage an account is established from which your mortgage company will pay your taxes, insurance, and monthly mortgage insurance (if applicable). This account is called your escrow account. Usually, you will be required to put a certain amount of funds in your escrow account at closing to start a reserve in the account.
Choose another topic:
Selecting a mortgage
Prequalifying and Applying
Rates and Costs
Escrow questions
Closing
Mortgage Payments and Payoffs
.
