Escrow: An account in which monies are held for the payment of annual taxes and Home Owner's Insurance premium. This amount is collected over the duration of 12 months, and is reviewed and adjusted annually for accuracy based on fluctuations in taxes and insurance policies.
Private Mortgage Insurance:Private Mortgage Insurance (PMI) is an additional fee required for conventional mortgage loans when the down payment is less than 20% of the purchase price. This product is on an amortization schedule concurrent to the mortgage loan.
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