Home Buying in Brooklyn>Question Details

Lorane forre…, Home Buyer in Dallas, TX

does the hazard Ins have to be escrowed or can it be purchased separately (hope im asking this question correctly)?

Asked by Lorane forrester TOBAS, Dallas, TX Wed Jan 9, 2013

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6
I am a Mortgage Loan Officer with PNC Mortgage. If you finance your loan with PNC Mortgage you do not have to Escrow for Insurance or Real Estate Taxes regardless of how much you put down. You need to provide the Insurance for the property. Call me if you have any questions.
Thanks and Good Luck!

Christopher Miceli
Mortgage Loan Officer
(646)-623-2492

PNC Mortgage
1 vote Thank Flag Link Sun Jan 13, 2013
If you are putting less then 20% down then you will have to set up an escrow account with your mortgage. If you are putting down more then 20%, then there are lenders who will waiver the escrow. Either way you select your own policy just as long as it meets the criteria in your mortgage commitment.
0 votes Thank Flag Link Sat Jan 12, 2013
You should always buy your own policy for home owners insurance, the bank will want a copy of it and most Banks will want to escrow to be sure that there is always insurance on the property. But do not let the Bank buy the policy for you, it is always far to expensive.
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
0 votes Thank Flag Link Thu Jan 10, 2013
Ask your loan officer the question....
0 votes Thank Flag Link Thu Jan 10, 2013
Dear divalicious1124:

Depending on the type of mortgage you take, some banks may require that you make monthly payments towards an escrow account to pay for homeowner's insurance and real estate taxes. You need to ask the bank who holds your mortgage or will hold your mortgage if they require it.

Some people prefer to do the escrow regardless because they pay smaller amounts over time rather that a large lump sum all at once. If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Jan 9, 2013
It can be purchased separately.
0 votes Thank Flag Link Wed Jan 9, 2013
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