If you’re a first-time buyer of real estate in Rancho Mirage, you may not fully understand the escrow process. Read on for some basic information about how escrow accounts work.
When you borrow money from a mortgage lender to buy a home, you will usually pay funds into an escrow account each month, in addition to your loan payments. When you have a mortgage, your home becomes collateral for the loan. Therefore, the lender will want to be certain that the property is properly insured in case damage or some type of accident occurs. In addition to the principal and interest your pay your lender each month, they may also collect property tax and homeowners insurance payments to ensure those bills are paid and to avoid a tax lien on your property should you neglect to pay your taxes. Many owners actually prefer to pay their lenders each month so that they are not hit with a large annual bill.
While escrow accounts are not always mandatory, if you have a loan guaranteed by the Federal Housing Administration (FHA), you must have an escrow account. Escrow accounts are also required on high-risk loans, such as those with a down payment of less than the typical amount, which is 20 percent. If yours is a conventional loan, the lender can decide whether or not to require an escrow account.
Since property taxes and insurance premiums change over time, the amount of your escrow payments may also change. Once your annual payments are made, if there is a shortage or overage in your account, you will get a refund or have to send an additional payment to make up the difference. As you can see, whether you’re buying real estate in Rancho Mirage or another part of California, escrow accounts can ensure that your investment in secure and be a convenient way to make sure all the bills associated with owning property are paid.
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Rancho Mirage – The Renaissance is a very high end guard-gated enclave of custom estates built from 1993 to present, complete with all the amenities necessary for living the perfect desert lifestyle.
Its convenient location just off of historic Clancy Lane puts The Renaissance within walking distance to The River – with its array of restaurants, Starbucks, movie theaters and boutique shopping.
The estate homes in The Renaissance are for the discerning buyer looking for privacy, security and the ultimate desert lifestyle. There are still lots available for custom home development and the average size home here is 6,000sf. Some of the exclusive residences at The Renaissance have their own tennis courts, along with private pools and spas, lush and manicured landscaped grounds . . . and of course, spectacular mountain views.
This highly desirable community is also only minutes from the McCallum Theatre, Eisenhower Medical Center, El Paseo Shopping District and “Old Town” Palm Springs. The Palm Springs International Airport, major desert commuter routes . . . and easily a 15 minute drive away from the I-10 freeway.
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Showed in Tamarask Country Club yesterday..it is like stepping into an older, quiet neighborhood that is so beautiful, lush and green, you simply cannot believe you are still in the desert! The Views are extraordinary..especially when it is crystal clear like it was yesterday.
There were several Open Houses offered for viewing over the Labor Day weekend and we saw several of them. The Tamarask Country Club and the surrounding neighborhoods are stunning and very unique. There outlying areas of the club and some of the older interior areas have no HOA’s or very low HOA’s. We went into one cul-de-sac which housed 3 homes off of La Paz and the HOA was approx. $60/quarter! There are small enclaves of these “gated” areas, and then there are wide open streets that wind gently around the golf course.
The homes are a huge variety of styles, architectural details, unique rooflines, ages and different degrees of updating, making for an interesting and never cookie cutter feel to this neighborhood. If you just want to take a beautiful drive, or if you are seriously looking for a single family home in a great location with low or no HOA dues, think about the Tamarask CC area of Rancho Mirage.
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There is a certain magic one feels when driving past the entrance to Thunderbird Heights on Highway 111 in Rancho Mirage. Just a feeling . . . can’t really put my finger on it. Perhaps it’s because of the neighborhood’s illustrious past – having been home to some of Hollywood’s great personalities like Bing Crosby, Lucille Ball and Desi Arnaz. It is a community filled with the history and drama of by-gone days, offering strong appeal to a particular type of discerning buyer in today’s home market.
Location is a huge draw for most people who live there or are looking to buy in Thunderbird Heights. It features incredible panoramic views of the valley, yet is snuggled right up against the foothills of the Santa Rosa Mountains. You can see from the windmills near Whitewater in the west clear across to the east end of the valley. Thunderbird Heights is situated smack dab in the center of Rancho Mirage’s Restaurant Row and is less than a mile away from The River. Interstate 10 access is only about 6 miles from the main gate. How convenient !!!
Thunderbird Heights in Rancho Mirage offers a quiet, serene environment, since most of its homeowners are seasonal. The homes are elegant and architecturally unique, boasting a mix of midcentury moderns, contemporaries, ranches and bungalows. Most of these homes were built in the 1950s on huge estate-sized lots and many have since been remodeled and updated, yet still maintain their original character.
Thunderbird Country Club is right across Hwy. 111 from Thunderbird Heights and the two are connected by an underground tunnel. It is one of the oldest golf clubs in the Palm Springs Valley and the par 71 course dates back to the 1940s, though it was redesigned in 1987.
So, whether you’re a MidCentury Modern architecture buff or are fascinated with the stories about Bing, Lucy, Desi and other stars, Thunderbird Heights is definitely one of Palm Springs Valley’s treasured neighborhoods.
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