It depends: If you know of an upcoming change that may impact your escrow account payments, please reach out to us so we may discuss this further with you.
Rest assured, you won’t! There’s no charge or penalty if your mortgage escrow account is short.
Great question! It’s an account used to pay for items related to your property, such as taxes and insurance, and is a calculated portion of your monthly mortgage payment.
Fear not! Your shortage is spread over the upcoming escrow period at no charge.
Your mortgage escrow payment is composed of three portions:
We’re happy to help provide some clarity here! Some mortgage loans are required to have an escrow account, including the tax and/or insurance payments. Please contact us to discuss your options.
In general, any of the below conditions require you to have a mortgage escrow account: