What exactly is an escrow account, and why is your mortgage payment higher than you thought? 🏡💵
A lot of first-time buyers are surprised when their first mortgage statement arrives. Why is there an extra $300-$400 added to the loan's principal and interest?
That extra money goes straight into your Escrow account.
Your lender (or servicer) collects a portion every month so they can automatically pay two major yearly expenses for you:
🔹 Property Taxes
🔹 Homeowners Insurance
It actually makes your life much easier—no massive, unexpected bills at the end of the year because your lender handles the payments for you!
✈️ Share this video with someone planning to buy a home so they know exactly what to expect in their monthly payment!
Got questions or ready to start house hunting? Let's talk!
📲 Marat Tsirelson
📞 (267) 400-0763
#HomeBuyingTips #MortgageEducation #RealEstateAdvice #MaratTsirelson