Sonia.... did you ask your loan officer this question?
In regards to your question.... unless you put 20% or more down, only on conventional loans, you will need to escrow for your taxes and homeowners insurance. You have to pay for your homeowners insurance for 1 year upfront. But this can be brought to the closing table. How much did your loan officer put down on your good faith estimate? Even though taxes are escrowed every 3 months in New Jersey, that loan officer should put down 4. The reason being is because you will usually end up paying back the seller for some taxes that were paid already. I wrote about good faith estimates here.
The warnings about good faith estimates : http://activerain.com/blogsview/1192459/good-faith-estimates
And did your loan officer give you a good faith estimate? It doesn't seem like they went over it with you, because of the question that you asked. Please read : http://activerain.com/blogsview/1082156/good-faith-estimates
Overall, I would be glad to take a look at your good faith estimate. You just never know. Where you explained about the locking in process, because rates will go up some in my opinion. I can be always be reached by e-mail or that you can even call me this weekend from 11 am until 7 pm on my cell phone.
Jeffrey J. Belonger
Area Manager/Branch Manager
Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
First Time Homebuyers $8,000 Tax Credit - http://www.fhaloansfhamortgages.com/8-000-first-time-home-bu
Good Faith Estmates - All you need to know - http://activerain.com/blogsview/1082156/good-faith-estimates
Blog Page : http://www.fhaloansfhamortgages.com
Profile : http://www.activerain.com/jeffmortgageman