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.
Fear not! Your shortage is spread over the upcoming escrow period at no charge.
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.
Great news! There is no fee. Mortgage escrow accounts are maintained free of charge.