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Let's look at what it means to "escrow" your taxes, how it hits your settlement statement's bottom-line, and how you can waive escrows on your loan without paying big fees.
Think you're paying too much in real estate taxes? You might be right. According to an industry trade group, more than 60 percent of U.S. homes are currently over-assessed as a result of falling home valuations and inaccurate county records.
Homeowners that let lenders collect and pay their real estate taxes and insurance bills tend to get lower rates and lower fees. Here's how escrows work, and how you can use them to your advantage.
