buying house. /youtube.com/watch?edufilter=NULL&v=xGE4a9IMZwM (Step 3…
Step 3: Escrow period.
(between offer accepted and closing
get a certificate of insurance to your lender.
MONTHLY mortgage payment
Principle , the debt
interest, privilege of borrowing the money
escrow account contribution
This is the part of your monthly payment that goes toward your property taxes and homeowners insurance.
property taxes and homeowners insurance
property tax and home insurance goes to the mortgage company, and they pay the bill by using this account
fixed rate mortgage , you can change the contribution to the escrow account contribution.
don't apply for any other loan uring the escrow period , the buase it may change the rate of your mortgage
STEP 4: closing
document signed, and ownership of the house will change hands.
1 year of home insurance
paying realtors and title companies
Other fees, need to talk with agent before closing date and try to understand the breakdown.
Prakash said his closing cost was around 10, 000
STEP 1: apply mortgage
to get pre-approved.
interest rate is up to the credit score.
STEP 2: House shopping and make an offer.
put in writing the amount of money you want to buy the house
including contingencies or any expectations
on home inspection
The seller decides
if they want to
counter offer or accept.
seller reply to your offer with different set of price of contingencies