What is MLS? What happened to the loan amount?

>What is MLS? What happened to the loan amount? "Alberta Times" Real Estate Mailbox: Q: I often see a set of seven-digit MLS numbers in many house sales advertisements...

Alberta Times

Real Estate Mailbox: Q: I often see a set of seven-digit MLS numbers in many house sales advertisements. What is it used for? Answer: MLS stands for Multiple Listing Service, any house for sale sold by a real estate agent and put on this MLS system will have such a set of numbers for easy management. If you like a house and know its MLS number, you only need to inform your real estate agent of this set of numbers, and they will be able to provide you with detailed information about the house.

Question: I bought a house with a bank loan last year. The loan plan I applied for was a 30-year fixed-rate loan plan. Logically speaking, the loan amount I should pay every month should be the same. Why is my payable amount different starting this year? Answer: Most people’s monthly home loan payments include: Principal, interest, real estate tax collection and insurance premium collection. The bank puts the real estate tax collection and insurance premium collection into the Escrow account (Impound Account), and the bank will use the money in this account to help you pay the real estate tax and insurance premiums. Your loan is a 30-year fixed interest rate plan. Of course, the amortized principal and interest will not change. As for taxes and insurance premiums, they are not fixed every year. In particular, real estate taxes change almost every year. The bank will first calculate how much money it will collect every month into the Escrow account. The calculation method is to add the annual premium plus the estimated real estate tax for one year, and then divide it by twelve. The amount in the Escrow is expected to be received every month. If there is not enough money in this Escrow account, the bank will increase the monthly advance payment amount next year, so that there will be enough money to help you pay taxes and premiums. At the end of the year, if the account has excess and exceeds the specified amount, the bank will also send you a check to refund you. If you have any questions about this collection account, you can take the initiative to inquire with the lending bank.