For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
Mortgage Insurance Premium: Insurance that protects the lender in the event of default.
EquityAccess Mortgage, Inc
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Ph: 866-573-8002
Fax: 866-573-8010
