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What Is A Mortgage Escrow Account?

Published or updated December 13, 2012 by Glen Craig

Mortgage application

When you are purchasing a new home one of the terms you are going to come to know is mortgage escrow account.

“But what is a mortgage escrow account?  What’s the purpose of it when owning a home?,” you may be thinking to yourself.

Great questions.

Before we get into what a mortgage escrow account is let’s look at what escrow, in general, is…

Basic Concept of Escrow

Escrow is widely used in many business transactions where the buyer and seller cannot make a simultaneous exchange of money and goods or services and neither would want to deliver first without the guarantee to receive later (neither party wants to risk being the one left without the dough).

To resolve the trust issue between a buyer and seller, a third party, known as the escrow, can work on behalf both the buyer and the seller to ensure that once a party fulfills its contractual obligation, the escrow will release to the party what it entitles from the transaction.

Such escrow service is also standard practice in real estate transactions where the buyer deposits money with the escrow and the seller delivers title documents to the escrow, and the escrow firm will not release the funds to the seller or convey the title to the buyer until both the funds and the documents are placed with the escrow.
[Read more…] about What Is A Mortgage Escrow Account?

Filed Under: Home Tagged With: home mortgage, mortgage escrow account, property taxes

What Is A Reverse Mortgage Loan?

Published or updated March 28, 2013 by Glen Craig

A loan that has been popping up more often these days is the Reverse Mortgage. This mortgage works differently then other types of mortgage loans in that it works in reverse in a way.  Let me tell you a little more about reverse mortgages…
[Read more…] about What Is A Reverse Mortgage Loan?

Filed Under: Debt, Home, Retirement Tagged With: lifetime mortgage, reverse mortgage loan

Why We Chose A 30 Year Mortgage When We Bought Our Home

Published or updated January 9, 2013 by Glen Craig

Mortgage application

Owning a home is an awesome feeling, let me tell you! Though we don’t own our home outright yet.  Maybe we own a bedroom and a bit of the kitchen?  Some grass in the yard?  Like most people we had to take out a mortgage loan in order to buy our house.  There are many different types of mortgage loans out there these days.  We chose a 30-year, fixed rate mortgage.

Here’s what we considered in choosing a 30-year mortgage:
[Read more…] about Why We Chose A 30 Year Mortgage When We Bought Our Home

Filed Under: Home Tagged With: 30 year fixed rate mortgage, Buying A House

It’s Still A Good Idea To Buy A House In This Economy

Published or updated May 30, 2013 by Glen Craig

The New York Times, in their Your Money section, recently ran an article titled In Defense of Home Ownership. In the article the author, Ron Lieber, takes to task the notion that now is a horrible time to buy a house.  He mentions that despite the bad housing news we hear, stocks going nowhere, and unemployment not getting better, now can still be a good time to buy.

Here are his cases where home-buying can still make sense:
[Read more…] about It’s Still A Good Idea To Buy A House In This Economy

Filed Under: Economy, Home Tagged With: bad economy, buying a home, down payment, mortgage rate

We’re Mowing It Old School-ish

Published or updated March 28, 2013 by Glen Craig

wet grass

Among the many responsibilities a home-owner can have is a lawn. For us, we’ve been pushing that responsibility on a landscaper who comes by once a week to mow the lawn, trim the edges, and weed the garden.  But this will be the last week he comes because next week we’re going DIY – We’re going to do our lawn and garden ourselves!

Why take care of the lawn ourselves?

[Read more…] about We’re Mowing It Old School-ish

Filed Under: Frugal, Home, Saving Tagged With: lawn care, save on lawn

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A Little About Me

Glen CraigI'm Glen Craig - I used to live paycheck-to-paycheck, drowning in credit card debt. I turned that all around and now I build wealth rather than debt.

My goal is to make personal finance easy for you.

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