If someone asks how much I am going to make on a loan, then I provide a good faith estimate showing them, including a lender YSP if the loan has already been locked.
Impound accounts are accounts that pay the taxes and insurance bill every 6 months. You pay into the account monthly, they pay every 6 months from whats in the account.
Reserves vary by program. Some look at other factors and some want 2,6, or 12 months.
Hope this helps. I have a mortgage secrets ebook that I am going to be giving away soon to help people with these questions and others…
