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โˆ™ 2017-05-15 22:07:22
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Q: What provides the funds needed for expenses such as property taxes homeowners insurance and mortgage insurance?
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What provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance?

Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?


Who has a mortgage?

Property and/or homeowners have a Mortgage


Is private mortgage insurance the same as homeowners insurance?

They are not the same. Homeowner's insurance insures the property: dwelling, personal property, other structures on the property, etc. Private mortgage insurance pays the mortgage in case of the death or disability of the mortgagor.


Do mortgage companies or buyers purchase homeowners insurance policy?

It is the Homeowners responsibility to provide property hazard insurance under the terms of your mortgage. If the Mortgage company has to purchase it for you then it means your already in violation of your Home Finance Contract and subject to default.


What type of account is held by the mortgage lender and used to cover property taxes and homeowners insurance?

escrow


Does homeowners insurance cover the cost of cleanup after an unattended death?

No. Your Homeowners insurance is "Property" insurance. It covers property damages caused by certain covered Perils such as Fire, Wind, Hail, Lightning, Fire etc. You will not find coverage on your Home Insurance Policy for death or related expenses.


What is piti?

PITI is often referred to when speaking of a mortgage payment it stands for: Principle Interest Taxes and Insurance all of the components of a mortgage payment if the bank is paying the property taxes and the homeowners Insurance.


When you own a house what bills do you have to pay?

if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.


Does homeowners' liability insurance cover personal injury on another property?

No, your Homeowners Insurance will not. Your Medical Insurance Will.


Do you need home owners insurnace after you pay off your mortgage?

You don't HAVE to cover your property with homeowners insurance once your home has not mortgage but you could lose everything if you had a fire or if someone was injured on your property. Some HOA's require some type of insurance on every property regardless of mortgage. Its not a wise decision to drop coverage.


Who pays the insurance on the home when its owner financing?

Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.


Can you buy the amount of homeowner insurance you want?

Insured Property ValuationIn the united States there are two valuations that can be used to purchase your homeowners insurance coverage. ACV (Actual Cash Value) or RC (Replacement Value). If you are wanting to insure just the amount you we on a finance or mortgage note, That would be called mortgage insurance, not homeowners insurance..

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