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Posts Tagged taxes

What is a Mortgage Escrow Account and Why is it Needed?

When you buy a home using a mortgage, an escrow account is usually set up by your lender in order to help manage your property tax and insurance costs. Rather than having to save up and pay these bills separately, part of your mortgage payment is deposited into the escrow account every month. When your insurance premiums and taxes are due, they can be paid via the escrow account. Normally, your lender will use the funds in the escrow account to pay these bills on your behalf. Escrow Shortages It’s not uncommon for property taxes and insurance premiums to change over time,

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