Mortgage prepayment penalties are fees charged by lenders when borrowers pay off their mortgages before the agreed-upon term. These penalties are designed to compensate lenders for potential lost interest income and can significantly impact borrowers … [Continue reading]
15-Year vs. 30-Year Loans Compared
Choosing the right mortgage term is a critical decision when purchasing a home. The two most common options are 15-year and 30-year mortgage terms. Let's compare the advantages and disadvantages of each to help you make an informed decision: 15-Year … [Continue reading]
The Role of Mortgage Escrow Accounts in Property Tax and Insurance Payments
A mortgage escrow account, also known simply as an escrow account, is a financial arrangement set up by a mortgage lender to manage and disburse certain payments related to the property on behalf of the homeowner. The purpose of an escrow account is … [Continue reading]
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