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Escrow Account | Home Lending |

Closing on a home

Paying your taxes and insurance

An escrow account is an account set up with the lender or mortgage servicer to pay your property taxes and/or insurance. If you’re creating an escrow account, those arrangements will be finalized at closing.

Setting up an escrow account will ensure your bills are paid in full and on time, without you having to budget for these large payments separately or worry about them.

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Escrow accounts

Learn how mortgage escrow accounts work and how they are used to make payments on real estate taxes and insurance.

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Property taxes

Learn how property taxes can provide valuable improvements and services in the surrounding community.

How much home can you afford?

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Here’s how it works:

You pay a portion of your annual taxes and insurance premium each month as part of your monthly mortgage payment—in addition to the principal and interest. When your taxes and insurance payments are due, they’ll be paid with the funds from your escrow account.

Your lender or mortgage servicer will send you an annual escrow analysis detailing any payment changes based on property taxes and/or insurance premium increases or decreases. If the escrow payment changes, so will the monthly mortgage payment, even if you have a fixed-rate loan.

The analysis will detail whether the account has a surplus or shortage in it. If there is a shortage, you’ll have to repay the difference. Some reasons there could be a shortage include:

  • Increases in property taxes and/or insurance premiums
  • Tax reassessments
  • Insurance carrier changes
  • Due date changes
  • Fewer escrow deposits than expected

If you have a surplus, you’ll get your money back.

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