To Avoid or Not Avoid Escrow Impound Accounts?

Let’s get one thing straight: those extra shipping fees that are accumulated after adding up your shopping cart can make any grown adult question their decision to purchase.

But should homebuyers debate avoiding escrow impound accounts to potentially save money on monthly and upfront fees?

United Wholesale Mortgage is releasing a new program that will allow loan applicants to decline escrow accounts when finalizing their home mortgages. This move seems to be raising a lot of eyebrows and prompting many questions.

While it does seem attractive to not add on further costs upfront or on a monthly basis, it does open the door for possible financial issues – specifically for borrowers who are just looking for cost savings on their mortgage and not the actual big picture. Escrow impounds allow you to feel secure and confident with your financial responsibilities in paying your taxes and insurance – yes, those extra shipping fees aren’t the most fun, but it might just allow you to have peace of mind in enjoying your new home.

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