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Bank said i'd need mortgage escrow - isnt that just for buying the property?

I would have asked the loan rep but I was wary of him working me over. I've never bought before so bear with me - was told I'd need a separate escrow account for my mortgage with lump sum, different from the property escrow. Does this sound about right or is somethig off here?
By allestgut784184 from PA Oct 28th 2014
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It would be best to check with him to clarify but if you are wary of him why are you doing business with him. Call me toll free 800-485-1387 Ext 116 or email ballen@bankofengland1.com

Oct 28th 2014

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Your question is confusing.. The only escrow that is necessary when it comes to conforming loans is for property taxes and insurance. Unless you have a hard money loan, or some other type of portfolio loan where the lender is requiring additional escrow. I recently closed a commercial loan where the lender required 6 months of payments to be held in escrow, so it's not uncommon for this to happen, but again, it's not a conforming loan requirement. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 28th 2014


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