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Texas Finance Code - FIN § 64.063. Payment of Estimated Charges by Borrower

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) To enable the association to pay charges as they become due, an association may require a borrower to pay monthly in advance, in addition to interest or interest and principal, an amount equal to one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges on the real property securing a loan.

(b) An association may increase or decrease the amount of the loan payment as necessary to meet the charges.

(c) An association may:

(1) carry payments in trust in an account;  or

(2) credit the payments to the indebtedness and advance the money for charges as the charges become due.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 64.063. Payment of Estimated Charges by Borrower - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-64-063/

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