Seeing as you didn't quite understand some of the lingo, I figured I would help you out :)
You got an AMAZING deal on this home! It's so awesome that you've got the sellers concessions!
Prepaids are what starts your escrow account. This is a seperate fund that you pay into every single month, so that your taxes and insurance can get paid by the mortgage company when they come due. This is a good thing, because that way you don't have to round up thousands of dollars when your taxes or homeowners insurance is due every year, escrow accounts are a good thing!
Congratulations again! I closed on my first house at the end of September (which is kind of sad because I had been writing home loans for over two and a half years by this point) but it's so exciting and amazing to OWN something that is your biggest asset, that belongs to YOU. I still feel like I'm just playing house sometimes.
I wish you the best, and if you have any other questions about loans or home purchases or anything, I am more than happy to help! :)
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You got an AMAZING deal on this home! It's so awesome that you've got the sellers concessions!
Prepaids are what starts your escrow account. This is a seperate fund that you pay into every single month, so that your taxes and insurance can get paid by the mortgage company when they come due. This is a good thing, because that way you don't have to round up thousands of dollars when your taxes or homeowners insurance is due every year, escrow accounts are a good thing!
Congratulations again! I closed on my first house at the end of September (which is kind of sad because I had been writing home loans for over two and a half years by this point) but it's so exciting and amazing to OWN something that is your biggest asset, that belongs to YOU. I still feel like I'm just playing house sometimes.
I wish you the best, and if you have any other questions about loans or home purchases or anything, I am more than happy to help! :)
-C.Ray
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