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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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insurance & escrow question
i know at closing you have to show them a years paid receipt for insurance. When does the mtg company start taking money out of escrow for the following years insurance? Is it right away, or would it be next year?
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Posted 8/4/05 3:17 PM  |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: insurance & escrow question
i have no idea what you are talking about!! I though money was held in escrow in case something was wrong with the house when you had your final inspection...
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| Posted 8/4/05 4:02 PM |
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: insurance & escrow question
oh no!! i have no idea what you are talking about!  is that something else i have to worry about?
is thet extra money that you are talking about something that is included in the closing costs?
what i meant with the insurance is that usually the mortgage company will pay your insurance when it renews, but they need to get the money from you, and i believe they take it out of your account each month.
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| Posted 8/4/05 4:07 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: insurance & escrow question
they start right away - so this time next year, they have the money to pay for the second year of insurance, etc
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| Posted 8/4/05 4:48 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: insurance & escrow question
hmmm... i paid for our homeowners insurance on our own... i paid by credit card...
holding money in escrow is not any additional costs... it comes from the money that the sellers will receive... it just gets held in a special account until the final walk through, then gets released to the sellers...
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| Posted 8/4/05 10:56 PM |
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: insurance & escrow question
oh...okay, so its probably the 5% we had to put down at contract that is held in escrow!!
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| Posted 8/5/05 6:09 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: insurance & escrow question
We had to pay our insurance company a year's worth of insurance up front. Going forward from there is was put into our mortgage escrow account.
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| Posted 8/7/05 10:22 PM |
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