We have discovered there is an untold story behind the mortgage curtain relating to Impound Accounts! Impound accounts are held by your mortgage bank to pay your Home Owner's Insurance and your property taxes every year. You contribute a portion of your PITI (principal & interest, taxes & insurance) mortgage payment towards taxes and insurance every month and that money is held in one of these Impound Accounts. Twice a year, your mortgage pays your property taxes on your behalf from this account and pays your home owner's insurance for you once a year.
When you go to sell your house, you have to be aware of this extra money sitting in your account. You have to proactively go and chase this money to have it refunded back to you after you close and sell the home or after you refinance. Unfortunately and sneaky as this is, it is your responsibility to call and ask for that money back 3-6 weeks after the full payoff of your loan.
Need somebody to help you with your home sale and make sure you aren't leaving money on the table? Call Chelsea Anderson, Realtor with Your Red Door Team at Keller Williams Realty East Valley and make sure you know how to take advantage of the micro-market your property is in and make sure that you don't overlook any money on the table! Call today for information on selling your home and to Schedule your private listing consultation (602) 748-6136.
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