Great news! There is no fee. Mortgage escrow accounts are maintained free of charge.
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.
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:
Unfortunately, this isn’t possible. Due to federal regulations, we’re required to refund you any surplus over $50 based on anticipated payments. If you are anticipating changes to your escrow account, please contact us so we may discuss further.
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.