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How to Compare Prepaid Items in Loan Offers

Remember the initial escrow payment, the 2-months you deposit at closing? The lender calls it a cushion. It's extra money that the lender holds in reserve. If your insurance or taxes increase, the lender would use the cushion to pay for it, and then increase https://americashpaydayloan.com/pawn-shops-ms/ the escrow portion of your monthly payments.

On the other hand, if by some miracle your insurance or taxes decrease, the lender would lower your escrow and your total monthly payment would decrease. Since lenders may not hold more than a 2-month cushion, you could get an escrow refund check.

As you shop for a mortgage, the prepaid items will be different on the Loan Estimates you get from competing lenders. In other words, the dollar amounts in sections F G won't match up. One lender's estimate for homeowner's insurance, prepaid interest, or property taxes could be much higher or lower than other estimates.

Don't pick one lender over another just because their prepaid items are less.