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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.