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Todd Grey

Equity Smart Home Loans

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Escrow Account

06
Jun
By Todd Grey
MortgageEscrow Account, Mortgage Tips, Property Taxes

How Property Taxes Impact Your Mortgage Payment

When buying a home, most people focus on the home price, interest rate, and monthly payment. But there's another major factor that can significantly affect your mortgage: property taxes. These taxes can make your mortgage payment higher than expected and understanding how they work is key to managing your budget effectively. Below, I will break down how property taxes influence your mortgage and what you can do to plan ahead. What Are Property Taxes?Property taxes are local taxes assessed on real estate by your city or county government. These funds help pay for public services like schools, police and fire…
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15
May
By Todd Grey
Mortgage TipsEscrow Account, Homeownership, Mortgage Tips

Why Your Mortgage Has an Escrow Account and How It Works for You

When you close on a home loan, you’ll likely hear the term “escrow account” mentioned—and if you’re like most buyers, you may not be entirely sure what it means. While it might sound complicated, an escrow account is a helpful tool that simplifies homeownership and protects your investment. What is an Escrow Account?An escrow account is a separate account set up by your mortgage servicer to hold funds for specific home-related expenses, most commonly property taxes and homeowners’ insurance. Rather than paying those large bills all at once, you make monthly contributions as part of your mortgage payment. When the…
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25
Feb
By Todd Grey
Home Mortgage TipsEscrow Account, Home Buying101, Mortgage Tips

Understanding Mortgage Escrow Accounts and Why They Are Important

A mortgage escrow account is a financial tool used by lenders to manage and disburse payments for property-related expenses, like property taxes and homeowners insurance. Rather than paying these expenses separately, a portion of your monthly mortgage payment is set aside in the escrow account. When taxes or insurance premiums are due, the lender pays them on your behalf. How Does It Work? Initial Deposit: When you close on your home, your lender typically requires an initial deposit to fund your escrow account. This ensures there are sufficient funds for upcoming tax and insurance payments. Monthly Contributions: Each month, a…
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13
Jun
By Todd Grey
Mortgage ApplicationEscrow Account, Loan Servicer, Mortgage Loan

What Is a Mortgage Loan Servicer?

Working through the mortgage process can be complex, and one significant yet often misunderstood aspect is the role of a mortgage loan servicer. You might be familiar with lenders, the entities that provide the funds for your home purchase, the servicer is the company you’ll interact with most frequently over the life of your loan. Understanding what a mortgage loan servicer does can help you manage your mortgage more effectively and know who to turn to with any questions or issues. The Basics of Mortgage Loan Servicing A mortgage loan servicer is a company responsible for managing your loan from…
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09
Aug
By Todd Grey
MortgageEscrow Account, Escrow Account Audit, Mortgage

Why Is My Mortgage Escrow Account Sending Me a Check?

If you're a homeowner with a mortgage, you may be familiar with the concept of an escrow account. This financial tool is designed to simplify the management of property-related expenses by combining certain costs, such as property taxes and insurance, into one account. Typically, your mortgage servicer collects a portion of these expenses with each monthly mortgage payment and holds the funds in an escrow account to cover these bills when they become due. Various factors can lead to fluctuations in these estimated expenses. If the actual costs turn out to be lower than anticipated, your escrow account may end…
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