A mortgage escrow account is an account established by a mortgage lender to hold funds collected from a homeowner to pay for property taxes, homeowner's insurance, and other related expenses. The following items are typically included in a mortgage escrow account:

Property taxes: The lender will collect a portion of the homeowner's property taxes each month and hold them in escrow until the tax bill is due. Homeowner's insurance: The lender will collect a portion of the homeowner's insuranc...

 

The closing process on a new home typically involves several steps to finalize the sale and transfer of ownership from the seller to the buyer. Here are some of the key steps that may be involved:

Review and sign the purchase agreement: This is the legal contract that outlines the terms of the sale, including the purchase price, contingencies, and other important details. Obtain a home inspection: Before closing on the home, it's important to have it inspected by a professional to identif...

At some point during the process of buying a home, the buyer will come across the term "closing costs." Closing costs are expenses incurred during the purchase of a property that are not included in the sale price. These costs are typically paid at the time of closing and can add up to thousands of dollars. Typically we use 3.5% of the accepted offer price as a rule of thumb. Check with your lender for the most accurate number. As a buyer, it's important to understand what items are included in...

 

What is the Inspection Process When Purchasing a Home? Buying a home is one of the most significant investments you will ever make, and it is essential to ensure that you make a sound investment. A home inspection is a crucial part of the home-buying process. It is a visual examination of a property's physical structure, mechanical systems, and overall condition, providing buyers with an objective and unbiased evaluation of the property's condition. In this article, we will discuss the inspec...