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Get The Overview On Escrow Accounts
Whether you are purchasing a new home or you are considering applying to refinance your home, chances are the lender will require an escrow account. These accounts are often a source of confusion for homeowners.
In reality, these accounts benefit the homeowner and help protect the lender.
What Is An Escrow Account?
Escrow accounts are sometimes called "impound" accounts. These accounts are set up to help manage payments of property taxes and homeowner's insurance.
Depending on the individual requirements of the lender, you may be asked to pay as much as one-quarter of these upfront and they will be put into the account for the purposes of making payments.
Who Controls Escrow Accounts?
Lenders have complete control over escrow accounts. However, homeowners are entitled to receive an annual statement advising them of their escrow balance.
If there is an increase or decrease in insurance payments through the year, a homeowner may request the lender evaluate the escrow account and change the amount that is paid.
Is Interest Paid On Escrow Accounts?
There is no mandate to pay interest on escrow accounts. When you refinance your home, the funds for your taxes and insurance are calculated into your overall payment.
The portion that is ... more

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