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Hi Matt, I bought my first home in 2020 (at age 25) and I'm barely getting involved in the details of my escrow account. I understand it A LOT better and thank you for sharing that others also do not understand how it works. I literally feel like a dumb, naive, millennial when it comes to mortgage/home stuff. I do have some questions. I am currently in Las Vegas, NV. 1. How do you know when escrow will disburse funds for taxes and insurance bill? 2. How do you know how much you owe in taxes every year? 3. What can you do with your escrow account so that there is no need for escrow to adjust my mortgage payment? (This happened to me already and I do not like it, especially since it interrupts my monthly budget). 4. When do escrow companies analyze the accounts? 5. Should I be adding extra money to my escrow account?
Thanks for the kind words. Servicers generally analyze the escrow account once per year. You should be able to log in and see details of both the annual analysis and when distributions are going out
Thanks DreDay, Different for everyone, I myself think it’s be a headache to remember to and budget to pay taxes/ins separate. Especially with multiple properties
I had 2 different Mortgage lenders give me different escrow property tax rates, 1st lender- $55 for just 2 months 2nd lender - $101 for 11 months why is there a drastic change in the monthly required from one lender to the other? Is this even okay? Isn’t like 2 months required for cushion? This is for a conventional loan @ 5% down
Does the escrow account also hold the principal and interest to be paid to the loan provider? If yes, in the event of refinancing, does the new principal and interest amount(payment to the lender) reflect automatically?
Do I need to have a contract with the escrow company since they are holding my money just to make sure my money is protected? Or is it part of the loan deal where the lender decides to use an escrow company/account to collect and disburse the money?
📣 Connect with MTMG team NATIONWIDE! Start here: 👨💼 co.umortgage.com/3Uya1os
🤝Click here to CONNECT to a GREAT AGENT in your area: homeandmoney.com/matt/
Thank you for this explanation of how escrow account works
Of course! Glad you found it useful!
Awrsome vid. Thanks 😊
Thanks for watching!
Hi Matt, I bought my first home in 2020 (at age 25) and I'm barely getting involved in the details of my escrow account. I understand it A LOT better and thank you for sharing that others also do not understand how it works. I literally feel like a dumb, naive, millennial when it comes to mortgage/home stuff.
I do have some questions. I am currently in Las Vegas, NV.
1. How do you know when escrow will disburse funds for taxes and insurance bill?
2. How do you know how much you owe in taxes every year?
3. What can you do with your escrow account so that there is no need for escrow to adjust my mortgage payment? (This happened to me already and I do not like it, especially since it interrupts my monthly budget).
4. When do escrow companies analyze the accounts?
5. Should I be adding extra money to my escrow account?
Thanks for the kind words. Servicers generally analyze the escrow account once per year. You should be able to log in and see details of both the annual analysis and when distributions are going out
Let’s talk about cage fighting instead!!
Much more exciting than escrow accounts 😂
Great video, sounds like a headache that's why I pay tax and insurance myself. But just because that works for me doesn't mean it works for all.
Thanks DreDay, Different for everyone, I myself think it’s be a headache to remember to and budget to pay taxes/ins separate. Especially with multiple properties
I had 2 different Mortgage lenders give me different escrow property tax rates,
1st lender- $55 for just 2 months
2nd lender - $101 for 11 months
why is there a drastic change in the monthly required from one lender to the other? Is this even okay? Isn’t like 2 months required for cushion?
This is for a conventional loan @ 5% down
Sounds like the one collecting 11 months might have made an error. Usually you’ll see 2-3 months of reserves on top of the 12months premium being paid
How would I increase my escrow so my monthly house payment stays the same.
Came from Oraat. Thank you
Awesome. Glad you’re here!
Scared to buy now
Why are you scared? Is your job volatile? Get a 30yr fixed rate mortgage with a payment you can afford. That’s the safe play
Does the escrow account also hold the principal and interest to be paid to the loan provider? If yes, in the event of refinancing, does the new principal and interest amount(payment to the lender) reflect automatically?
Escrow account just holds funds for taxes/insurance… the principal and interest are collected and paid monthly with your payment 👍
What if you want to switch homeowner insurance carrier, will the new carrier notify the servicer to update the escrow account info?
Awesome 👏
Thank you! Cheers!
Do I need to have a contract with the escrow company since they are holding my money just to make sure my money is protected? Or is it part of the loan deal where the lender decides to use an escrow company/account to collect and disburse the money?
The servicer of the mortgage holds that escrow account - (the servicer is who you make your payments to)
Is escrow account mandatory?
You can waive it and pay on your own with most mortgages.