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Melanie Said:

What is it called when you do not pay taxes and insurance into escrow?

We Answered:

It is called an "Escrow Impound Account." It is very easy to get a waiver if you have good credit or a large down payment. A waiver will cost you 1/4 of a point upfront, so for every $100,000, you borrow, expect to pay $250.00.

If you plan on paying off your house in less than 5 years, it probably isn't worth it. If you plan on keeping the mortgage, get it waived. Once it is in place, it is difficult to waive it in the future.

To ask for a waiver request an "Escrow Waiver" of the impound account.

FYI, there are many newbies to the mortgage broker industry who might not be familiar with the term, either. Work with someone who knows what this is.

Edna Said:

How to obtain title insurance when you have a federal Tax Lien?

We Answered:

You are going to either need to do what they want or wait until after the lien is placed and then get the insurance so that the lien will not have to be covered.

I am surprised you got a loan with the bank knowing in advance the property would immediately have a lien.

Theodore Said:

What fees are included in closing cost of escrow and title for cash sale?

We Answered:

As a rule of thumb, closing costs to buy a home run about 2 to 4 percent of the purchase price.

•Title Policies
•Escrow or closing
•Notary
•Wire fees
•Courier / Delivery
•Attorney fees
•Endorsements
•Recording
•State, County or City Transfer Taxes
•Home Protection Plans
•Natural Hazard Disclosures
•Home Inspection