Waiver Of Escrows
Definition of "Waiver of Escrows"
Authorization by the lender for the borrower to pay taxes and insurance directly. This is in contrast to the standard procedure, where the lender adds a charge to the monthly mortgage payment that is deposited in an escrow account, from which the lender pays the borrower's taxes and insurance when they come due. On some loans lenders will not waive escrows, and on loans where the waiver is permitted lenders are likely either to charge for it in the form of a small increase in points or to restrict it to borrowers making a large down payment.
Popular Mortgage Terms
A documentation requirement where the applicant's income is not disclosed. ...
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A plan purporting to protect FHA homebuyers against property defects. ...
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A documentation option where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not ...
Someone authorized by the original credit card holder to use the holder's card. While authorized users are not responsible for paying any charges, including their own, they are sometimes ...
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