Related FAQs
You can pay for your homeowner’s insurance (HOI) policy either up front or at closing. In both cases, you’ll need to pay the first year’s premium. Read more
You can pay for your homeowner’s insurance (HOI) policy either up front or at closing. In both cases, you’ll need to pay the first year’s premium. Read more
Explore whether you can transfer your current escrow account when funding a new loan, how servicers handle any balance, and the timeline for receiving it. Read more
Explore whether you can transfer your current escrow account when funding a new loan, how servicers handle any balance, and the timeline for receiving it. Read more
Prepaid costs are payments made at closing for upcoming line items of your new home loan. They're called "prepaid" costs because you're paying for them before they are technically due. The most common kinds of prepaid costs are homeowners insurance, property taxes, and mortgage interest. These are paid into an escrow account to ensure that you have money to pay your bills when they become due. Read more
Prepaid costs are payments made at closing for upcoming line items of your new home loan. They're called "prepaid" costs because you're paying for them before they are technically due. The most common kinds of prepaid costs are homeowners insurance, property taxes, and mortgage interest. These are paid into an escrow account to ensure that you have money to pay your bills when they become due. Read more