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Question
Is it a problem to add escrow payments to an existing mortgage?
Hi Robbie
It shouldn't be a problem, just call you lender and let them know you would like to pay your taxes and insurance in your mortgage payment. They may have to start an escrow account for you and it will be approximately 9 months of taxes and 6 months of insurance so it will require a large deposit to start the account.
Good Luck
Denise
Related Articles
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Answers by Expert:
Denise Monaco
Expertise
I can answer questions about home mortgage financing, the difference between a mortgage banker and a mortgage broker, fees involved in purchasing a home and refinancing a home or obtaining a home equity loan and the difference between a 1st & 2nd mortgage and the option to have PMI (Private Mortgage Insurance) Jumbo loans, conforming and non-conforming loans.
Experience
I have been a closer, processor and operations manager and currently a account executive for a national mortgage banking company. I have been in the field for 25 years.
Education/Credentials
Real Estate License & 25 years field experience with many national mortgage banking companies.
Awards and Honors
Top sales person, employee of the month, highest sales award
Past/Present Clients
personal home buyers
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