finding your way home

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,

Read more

Rocky River

20545 Center Ridge Road
Suite 250
Rocky River, OH 44116
Phone: (440) 356-3242
Branch Information

Join the Team

At Schmidt Mortgage we're always looking for talented mortgage professionals to join our growing team. We're an Equal Opportunity Employer offering a highly competitive compensation and benefits package. Contact us for more information.