This is really never been heard of before but we now offer borrowers the ability to split paying escrows. Meaning that borrowers have the flexibility to either escrow for taxes or insurance. Before borrowers only had the choice of impounding both taxes and insurance or none at all and now borrowers have the ability to choose one or the other.
There are many reasons why homeowners choose to impound escrows in their mortgage payment. Some like the idea of having the lender collect the impounds and have the lender dispatch the payments to the correct agencies. Some opt-out of having the lender pay for their real estate taxes and their homeowners’ insurance, it really depends on the borrower and how they want to have set up initially.
Don’t hesitate to contact our office and discuss with us which might be the right process for you, we’re sure we can answer your concerns.
For more information contact our office.