For the past several years there has been a strong push in the mortgage servicing industry to move borrowers to mortgage escrow accounts (or impounds). A recent analysis by CoreLogic (Click Here for Study) shows that currently almost 80 percent of all borrowers are paying their taxes and insurance through escrow accounts. California is up 12% from last year.
For the consumer, it brings peace of mind that their PITI payment will cover their total real estate obligation and that they will be automatically communicated with in the future as tax or insurance rates change over time. Especially during the on-coming holidays, not having to deal with a large tax bill is welcome. We on the Easterbrook Team we recommend that if our borrowers are in doubt, they should definitely take advantage of this free service.
The Easterbrook Team is your source for mortgage lending.
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Call us today! 916.850.6050
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