March 18, 2009
One of the most frequently asked questions at the settlement table is: Why is my mortgage payoff amount higher than the balance showing on my most recent statement? When you receive your monthly statement from your mortgage lender, the unpaid balance IS NOT the amount necessary to pay the loan in full. This is merely the principal balance as [...]
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January 22, 2009
If you are fortunate enough to be able to refinance your mortgage loan into a lower interest rate, you should know how your escrow account with the new and current lender will be handled. The mechanics of escrow accounts are complicated, and many borrowers want to know: What is escrow, and where does the money [...]
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