Understanding Your Escrow Account

An escrow account is an easy way to manage property taxes and insurance premiums for your home. You don't have to save for them separately because we collect them as part of your monthly mortgage payment, then pay them on your behalf when they're due. Your escrow account usually covers your property taxes and insurance premiums (like homeowners’ insurance, mortgage insurance, or flood insurance).

Tax rates and insurance premiums change over time. At least once per year, we will review your escrow to see if any changes have been made. If so, we will adjust your monthly payment accordingly to ensure that your escrow account never drops below a minimum balance. We will send you an escrow analysis statement outlining any changes.