Buying a home is a complicated process. Even finding the right home can be difficult in California’s inventory constrained market. Once you do, there is the negotiation process, contracts, inspections, appraisals, financing, and myriad other issues that pop up along the way. In many cases, your monthly mortgage payment when you do purchase a home can be more expensive than your rent, and that’s without considering the upfront cost of a down payment.
If you're in the housing market for the first time, the mounting cost of everything can get pretty overwhelming, even if you've been saving carefully.
Escrow accounts are not often discussed, but if you buy a home using a mortgage you'll likely have one - either by choice or as a requirement of your loan.
If you fall behind on your mortgage, the company that accepts payments on your mortgage contacts you. This company is your mortgage servicer. Your servicer is required to let you know what options are available to avoid foreclosure.
Choosing the right downpayment amount is important and has impact on your payment, rate. fees and more.