More often than not, when you commit to a lender for your home purchase, your lender stays with you only until your loan funds. After that point, a loan is usually sold to an investor and/or a loan servicer who will run the day-to-day upkeep of your account.
Falling mortgage rates sound good, but if you’re not used to thinking about these numbers, it can be difficult to know at a glance what a change like 0.767% actually means. Here are three big ways today’s rates are good news for you if you’re looking to buy a home soon.
An escrow account is designated primarily for payment of your property taxes and homeowners insurance plus any other required insurance. You pay into the account, which is managed by your mortgage lender, as you make your mortgage payment.