What is a Mortgage Escrow Account?
Posted On: March 7, 2023 by Home State Bank in: Home Mortgage
You’ve likely heard of an escrow account, especially if you have a home mortgage. But if you don’t have a home mortgage, or you don’t quite fully understand your current escrow, we’ve put together the following to help you better understand the ins and outs of it.
What is a mortgage escrow account?
When you own a home, you're responsible for additional home-related expenses like property taxes and insurance. Escrow accounts help you plan...
Who's Who in the Mortgage Process (Part 2)
Posted On: December 9, 2022 by Home State Bank in: Home Mortgage
Hello again! Here is part two of our Who’s Who in the Mortgage Process! If you missed our first post, you can check it out here!
You’ve got the ‘major players’ down, but there are still more people who are important in the mortgage process for you to know.
Shortly after you have met with your Mortgage Loan Officer and decided which loan was best for you, you’ll hear from the Loan Processor. A loan processor will request and gather all of the necessary...
Who’s Who in the Mortgage Process (Part 1)
Posted On: November 22, 2022 by Home State Bank in: Home Mortgage
Want to buy a home, but have no idea Who’s Who in the Mortgage Process? Don’t fret. A lot of people are in the same boat as you!
Let’s start with the basics.
Houses are expensive and unless you have an abundance of cash, you’re going to need a bank and a Mortgage Loan Officer. Sometimes referred to as the acronym MLO, a mortgage loan officer represents the bank and their loan programs. You’ll talk with them and share enough information...
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