Step 4: Understanding Escrow

understanding costs
Estimate the fees that will be added monthly to your overall mortgage repayment plan.


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 home to afford:

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.

download and print our 1-page home buying map. It summarizes the tep-by-step process in buying a home: