When it’s time to take out a mortgage loan for your new home or property, your lender is likely to add the insurance premium and property taxes to your mortgage payment. In the process, the lender sets that money aside to make sure both are paid in a timely fashion. It’s in the lender’s interest to provide this service, as it protects them from uninsured losses you incur if you can’t cover them, as well as tax liens that may crop up. As time goes on, your mortgage lender may cover any cost d...
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