Understanding Escrows
Did you know your monthly mortgage payment is more than just the cost of your home?
It also includes escrow payments for property taxes and insurance.
An escrow account is like a savings account connected to your mortgage. Each month a 1/12th of your annual tax and insurance bills are set aside. Then when they are due, they are paid out of your escrow account.
This ensures you never miss a payment on major bills like homeowners insurance and property taxes.
While online calculators offer a ballpark figure, consulting with a loan officer ensures your estimate includes everything: principal, interest, mortgage insurance (if needed), and those essential escrow payments.
For a truly accurate monthly payment estimate, let's chat and make sure you’ve got the right info!
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As The Mortgage Mentor, I'm here to help translate industry jargon into everyday language so you can confidently choose a mortgage strategy that saves you time and money.
Rebecca Richardson, AMP
Mortgage Loan Officer
[email protected]
NMLS #91445