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Escrow Account

A New and Improved Escrow Statement is Here!

Whether you’re a seasoned veteran or a first-time homeowner, reading and fully understanding your escrow statement can be tough. An escrow account is an account managed by your mortgage servicer to pay for property taxes and/or insurance premiums on your behalf.

Each month, a portion of your mortgage payment is deposited into your escrow account, ensuring funds are available when these larger bills become due. Carrington conducts an analysis at least once a year to ensure your escrow account is funded correctly. The analysis determines any surplus or shortage and adjusts your monthly payment accordingly to cover all bills paid through your escrow account. 

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An Overview of an Escrow Account

Buying a house can be a confusing and complicated process, especially for first-time buyers. So many unfamiliar terms, practices, and procedures; so many rules and regulations to follow. Of course, it’s all worth it in the end, when you finally get the keys to your new home and take possession of it, but in between, the process can seem full of convoluted twists and turns.

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What is an escrow account?

Many of the common questions borrowers have are related to escrow accounts, so we’ve created two videos just for you. Hopefully, after listening, you understand what an escrow account is and common issues that may arise.

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