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Updated over 1 year ago,

Nikita Sharma's profile image
Nikita Sharma's profile image
Nikita Sharma
  • New to Real Estate
  • from California
  • Member since May 19, 2023
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User Stats

7
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3
Votes
Nikita Sharma's profile image
Nikita Sharma's profile image
Nikita Sharma
  • New to Real Estate
  • from California
  • Member since May 19, 2023
Connect
Nikita Sharma
  • New to Real Estate
  • California
3
Votes |
7
Posts
Starting Out

Escrow- what exactly is this?

Nikita Sharma
  • New to Real Estate
  • California
Posted

Hello,
I purchased my first property recently. 

In the closing costs, I prepaid for 1 year of property insurance. 
In this case, I would assume I would not be paying monthly insurance premium for the first year, because, I have prepaid one year.

However looking at my upcoming monthly payment, it looks like the insurance premium is still included. Why? Am I not double paying in this case?

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