for which you’re responsible, in addition to your down payment. Closing costs are generally paid in one lump sum. In saying this, many lenders require your insurance to be escrowed. You may also choose to set up an escrow account, depending on your mortgage agreement, to avoid paying large sums for homeownership costs. Essentially, an escrow is a savings account designed to help you pay your mortgage, property taxes, and even homeowner’s insurance in smaller, periodic installments. Your lender usually deals with payments from your escrow, which means less stressful financial management for you.
A HOME WARRANTY LETS YOU SLEEP BETTER AT NIGHT
Whether you’re a first-time home buyer or empty nester downsizing after several previous home buys, it might be a smart idea to have a warranty plan so that you can sleep well at night. The advice also applies to experienced real estate owners who don’t want to have the thought of maintenance and repairs hanging over their heads. A home warranty is a way of protecting yourself from expensive, unexpected repair bills, but it's important to mention, Home Warranties does not remove your complete expense for repairs but reduces your out-of-pocket expenses. Depending on the local market as well as on the deal, the home warranty can be paid either by the seller or by the buyer. A home warranty paid for by the seller can be a negotiation point or inducement offering to protect the buyer from having to do any additional, expensive repairs to the house after the deal is closed. The cost of a home warranty is generally not too high — often between $550 and $900, depending on the coverage. The
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