Fear not! Your shortage is spread over the upcoming escrow period at no charge.
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.
A shortage reflects how much your mortgage escrow account is below the minimum balance to pay all items in the upcoming escrow period.
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: