Quote:
Originally Posted by logdog
Notice Greg said the bond is part of the escrow which is different from making it part of the mortgage (if I understand your question correctly). Your mortgage is for the home purchase price which excludes the bond. The mortgage company will happily take extra payments each month over and above the actual mortgage amount to save up in an escrow account to make the annual insurance, property tax and bond payments.
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That is correct to my understanding. The bond payment comes due once a year and I think it's July 1st. Folks on here that pay it separate may know otherwise. If you have enough to pay off the bond at the due date, and would like to do so, you can do so. I also understand that you cannot pay a part other than 1 year or the full amount. (does that make sense?)