Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
Re: question about closing and mortgage payments

1. I kept mine in escrow for the convenience

2. it is collected at closing to repay the previous homeowners for what they paid. you pay by the year so the sellers get refunded their portion so no

3. you dont have to keep your taxes in an escrow account but I did due to convenience

4. The seller are supposed to be current with the HOA fees even though we got a past due letter a week after closing

5. UFMIP is up-front mortgage insurance premium which ranges from 1%- 2.2% of the loan which can be paid in a lump sum at closing or rolled into the loan

6. once your loan is approved you will get a payment table that has how much pmi will be paid and when it will be paid. or at least mine was pmi depends with lender but i know that it is required with an FHA loan

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