Transcript: Understanding your escrow account

On screen:

The chase logo swipes onscreen with text: Understanding your escrow account

Narrator:

Welcome. If you're new to escrow, or this is your first escrow with Chase, we're here to help you understand how escrow works and how it affects your mortgage payment.

Your monthly mortgage payment usually covers three things: principal, interest, and escrow.

Principal and interest are straightforward.

Escrow is a special account used to pay your property taxes and homeowner's insurance—so you don't have to worry about big bills or missing a payment.

Each month, a portion of your payment goes into your escrow account.

If your taxes or insurance go up, your escrow amount can change too.

We also keep a cushion in your escrow account—usually about two months of escrow payments to help cover unexpected increases in taxes or insurance.

Every year, we review your account.

If your escrow balance is above what is needed by more than $50 you get a refund.

If your escrow balance drops below the needed amount you'll have a shortage and your escrow portion will increase.

On screen:

Text says: You have payment options with a shortage

Narrator:

If you have a shortage, you have options: pay it all now, pay part now and spread the rest over 12 months, or spread the whole amount over 12 months.

Even if you pay the shortage, the monthly escrow payment may still go up if your taxes or insurance increased.

On screen:

Text says: See how your payment choices add up with our easy-to-use tools and calculators in Chase MyHome®.

Narrator:

Chase MyHome® has easy tools and a calculator, only available during your time of analysis, to help you see how your choices affect your payment.

On screen:

A sample Escrow statement folds open onscreen next to text: Check your statements for details and options.

Narrator:

You can always check your statement for details and options.

Escrow can be complicated, but we're here to help you every step of the way.

On screen:

Chase logo swipes onscreen. Text says: Visit chase.com/escrow.

Next to the Equal Housing Opportunity logo is disclosure text that says: All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

Narrator:

For more information, visit chase.com/escrow. We're here to help you feel confident about your mortgage.