This morning I did a radio interview with The Valder Beebe Show regarding my book Homebuyer’s Helper (How to Have and Hold on to your House). I shared with Ms. Beebe that a consumer can have their payment for their taxes included in their home loan. This way every month when they pay on their mortgage, a portion would be taken out and put into escrow. When the payment becomes due it is paid by the mortgage company out of that escrow account. This is something she had not heard before. Is this something the lender should tell her? I believe that a lender should share this information. There are many people that have not prepared for the taxes on their home and when they receive that bill, they are trying to figure out ways to pay it. Do I think it is solely the lender’s responsibility to educate you on the home buying process? No, you have to take that responsibility for yourself and ask them to clarify things you do not understand.
