AllExperts > Real Estate Home Mortgages 
Search      
Real Estate Home Mortgages
Volunteer
Answers to thousands of questions
 Home · More Real Estate Home Mortgages Questions · Answer Library  · Encyclopedia ·
More Real Estate Home Mortgages Answers
Question Library

Ask a question about Real Estate Home Mortgages
Volunteer
Experts of the Month
Expert Login

Awards

About Us
Tell friends
Link to Us
Disclaimer

 
 
 
 
About Brian HAHN
Expertise
I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"

Experience
Home Buying
 
   

You are here:  Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Escrow on Home Mortgage.

Real Estate Home Mortgages - Escrow on Home Mortgage.


Expert: Brian HAHN - 7/25/2009

Question
Can a mortgage company set up an escrow account without your permission?  Or is this something that has to be initiated by the person who has the loan?

Answer
Sandy,
It depends upon the loan program.
VA & FHA loans require an escrow account be set up with the mortgage.
Conventional loans in the majority of the states (CA excluded) require an escrow account if the loan-to-value is greater than 80%.
All conventional loans without an escrow account have an additional "fee", typically equal to 0.25% of the loan amount, if the escrow account is not included in the monthly mortgage payment.

I hope this clarifies your question.

Respectfully,
Brian Hahn

Add to this Answer   Ask a Question


 
About Real Estate Home Mortgages
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
User Agreement | Privacy Policy | Kids' Privacy Policy | Help
Copyright  © 2008 About, Inc. AllExperts, AllExperts.com, and About.com are registered trademarks of About, Inc. All rights reserved.