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.
We’re happy to provide some feedback on this! An escrow analysis is an annual evaluation by your bank to determine if you’re paying the right amount in taxes and insurance for your mortgage escrow account, which can result in changes to your monthly payment.
Great news! There is no fee. Mortgage escrow accounts are maintained free of 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:
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.