What is an escrow waiver fee? The Escrow Account The common protocol of mortgage…
What is an escrow waiver fee? The Escrow Account The common protocol of mortgage lenders is to setup an escrow account. When you make your mortgage payment, a portion of the payment goes toward paying the principal and interest. The other portion goes into an escrow account to pay for your property taxes, homeowners insurance, and other expenses such as flood insurance, ground rents, and mortgage insurance, if applicable. When these accounts become due, the funds are withdrawn from the escrow…
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