What is Escrow and how do I know how much my Escrow is?
What is Escrow?
In a mortgage, an escrow account is like a savings account set up by your lender to help you pay for certain expenses related to your home. These expenses typically include property taxes and homeowners insurance.
Here's how it works:
Your lender collects a portion of your property taxes and homeowners insurance with your monthly mortgage payment.
They save this money in the escrow account throughout the year.
When property taxes or insurance bills are due, your lender uses the money in the escrow account to pay these bills for you.
How do I find how much my Escrow is?
To find your escrow amount,
- Check your monthly mortgage statement from your bank or lender. There should be a line in your monthly payment breakdown for Escrow.
- Log in to your online mortgage account, if you have one. You can typically view a digital monthly statement of your mortgage payments.
- Contact your mortgage lender directly. Your lender should be able to provide you with the details of your statement upon request.
These methods will help you find out how much your escrow payments are and how much money is in your escrow account.
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