We’ve optimized this escrow guide to be easy to understand, because we know escrow can be one of the most complicated things about your mortgage.
See below for quick answers or explore each tab for more details.
Frequently Asked Questions
An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.
An escrow analysis can raise or lower your monthly escrow payment for the upcoming year due to changes in your tax and insurance amounts. Read more
We analyze your escrow account around the same time each year depending on the state where your property is located. Read more
Depending on the type of insurance, you will need enough to cover the lower of either the replacement cost of the property or the remaining principal balance on your loan. So, if your unpaid principal balance (UPB) is $80,000 but the replacement cost is $120,000, you will need to carry a minimum insurance of $80,000 total.
If you receive an insurance claim check, visit www.insuranceclaimcheck.com to get information and next steps.