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understand escrow payments

The true cost of a mortgage will include monthly escrow payments for taxes, insurance and other related fees. Homeowners will often omit these monthly fees when calculating how much they will pay each month.

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Estimate the fees that will be added monthly to your overall mortgage repayment plan:

Private Mortgage Insurance (PMI) is required for all home buyers who do not have at least 20% or more for the home purchase. The monthly insurance premium will be added to your total monthly cost.

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