Escrow Accounts, Do You Absolutely Need One?
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and is
paid out each year. With that said, you may think that having an
escrow account takes the responsibility off your shoulders
because the bank will make the payment for you each year from
your escrow savings account. But beware, because many people have
found that their property tax and home insurance have not been
paid on time or at all!
Another negative fact about an escrow savings account is that
the lender holding it doesn't have to pay you interest. There are
only approximately 14 states that actually must pay interest on
an escrow savings plan. You can ask your financial institution if
they will allow you to save for your home insurance and property
tax in a separate savings account as well.
If you are applying for an FHA or Federal housing
Administration loan, try to avoid having to set up an escrow
plan. Some lenders may say that you have to have this type of
savings account, but it's not true. As a matter of fact, if you
offer to open your own savings plan to save for home insurance
and property taxes, your lender is required by state law to
Use caution though, because some financial institutions may
try to charge you a fee of up to 1% of the mortgage loan if they
omit the escrow savings account plan. Be sure to read the fine
print before signing anything.
MORE RESOURCES updated Thu. August / 18 / 2022
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It's been years since you made any major improvements to
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Refinancing vs. line of credit are two popular options you
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Imagine paying your mortgage off in 15 years! Think of all
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We live in a society where people are losing their homes at
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Whether you're looking to buy your first home, or trading
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How Much Home Loan Can I
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How Much Interest is
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How much interest are you earning on your home equity? If
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