Congratulations on your decision to buy a new home! We’ve outlined some important details you’ll need to know about the process:
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.
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.