Most of the time, escrow accounts are required if your down payment was less than 20%. There are benefits to having an escrow account, even if it isn’t required. It helps you manage large expenses like property taxes and insurance premiums so you don’t have to save for them separately. You make 1 combined mortgage and escrow payment each month and we deposit a portion into your escrow account. When your property tax and insurance bills are due, we pay them on your behalf, even if there are insufficient funds in the escrow account to cover the amount.
Why am I required to have an escrow account? Print
Modified on: Fri, 23 Jun, 2023 at 3:28 PM
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