Many loan programs require property taxes and home insurance to be paid as part of the mortgage payment… referred to as an escrow account. In some cases, folks would rather keep that money in their own accounts and earn interest on it. And yet the amount of money, relatively speaking, is so small that considering that thought is financially insignificant. However, with certain loan options, contributing with a 20% down payment gives you the option to not have an escrow account. See if this is an option that makes sense… Ask us how!
*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.