Ever wonder how your loan impacts how you pay property taxes and insurance? Let’s break it down!
Impounded Loan: Your lender collects payments for taxes and insurance in a special escrow account. These costs are bundled into your monthly mortgage payment for added convenience.
Why Choose Impounds?
✔ No separate payments to worry about for taxes and insurance.
✔Required for loans with higher loan-to-value (LTV) ratios (lower down payments).
No Impounds Loan: You’re in control! Property taxes and insurance aren’t part of your monthly mortgage—you pay them separately when due.
Why Choose No Impounds?
More control over when and how you pay.
Your monthly mortgage payment stays consistent, even if taxes or premiums increase.
Pro Tip: If you value a steady monthly payment, no impounds might be a better fit.
Ready to find the best loan option for your goals? Comment ‘READY’ below, and I’ll help you navigate your choices and start your home-buying journey!
❤️ Like this post and 💾 save for later. Share with anyone you know who might benefit from this info.
#MortgageOptions #LoanTips #MortgageAdvice #MortgageLoans #MortgageAdvisor #MorgageExpert #HomeLoanHelp #HomeOwnershipGoals
