- Real Estate TaxesTaxes: While real estate taxes are due once a year, many mortgage payments include 1/12th of the expected tax bill and collect that amount along with the principal and interest payment. This amount is placed in escrow until the time the tax bill is due. Borrowers may be able to opt out of escrowing this amount, which would reduce the monthly payment, but also leave them responsible for paying taxes on their own.
- Tax DeductionsOwning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions*, say "good bye" to your landlord and take control of your living environment.
- Mutual FundsTo speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts.