ry is purchasing her first home with an HPML. When her loan officer is reviewing the transaction with her, he tells her that she must establish an escrow account:
O Three business days after consummation of the loan
O Before consummation of the loan
O Before the first periodic payment is due
O At the time of consummation
The answer is before consummation of the loan. Mary must establish an escrow account prior to the consummation of the loan.

Question

MarivelisseR2640 MarivelisseR2640

24-11-2022
Computers and Technology

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ry is purchasing her first home with an HPML. When her loan officer is reviewing the transaction with her, he tells her that she must establish an escrow account:
O Three business days after consummation of the loan
O Before consummation of the loan
O Before the first periodic payment is due
O At the time of consummation
The answer is before consummation of the loan. Mary must establish an escrow account prior to the consummation of the loan.

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AyushiJain10 AyushiJain10 · Answer 1 · 2022-12-01T14:39:08+01:00

Mary must establish an escrow account prior to consummation of the loan. Thus, 2nd option "Before consummation of the loan" is the correct option.

What is an escrow account?

For your home, it's a simple way to handle insurance and property tax payments. Because you make one monthly payment, you don't need to save for them separately.

To pay your principal and interest on your mortgage, a portion is applied.
For your escrow account, the remaining amount is used to pay your property taxes and insurance premiums (like homeowners insurance, mortgage insurance, or flood insurance).

Insurance deductibles and property taxes are recurring expenses. Each year, we check your escrow account to ensure you have enough money to pay for these costs. Keep a minimum balance in your account at all times to help with any unforeseen increases. Calculations indicate that it should not exceed two months' worth of escrow payments.

Learn more about escrow account

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