Why FHA Loans Are So Popular
FHA loans are a popular choice for a lot of people, especially first time homebuyers. Why especially so for first time homebuyers? FHA loans require a low down payment, just 3.5% of the sales price. It's easier for first timers to come up with enough money for a down payment and for closing costs. Plus, sellers can help out with the closing costs as well, further adding to potential cash savings.
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How Does An Escrow Account Work?
If you’re in the process of getting a mortgage to buy a house, you will hear the term escrow quite a few times. An escrow is a legal arrangement. In this arrangement, a third party holds money or property until a certain condition is met. When we’re talking about a mortgage, this could be fulfilling your purchase agreement. Within real estate, in particular, escrow protects buyers and sellers in the transaction. With the mortgage, the escrow account also holds the funds for homeowner’s insurance and taxes.
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