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.
Escrow Account FAQ
What is an escrow account?
An escrow account allows Carrington Mortgage Services, LLC (“Carrington”) to pay the required taxes and/or insurance on the property you own. Within your monthly mortgage payments, you pay a certain portion of your taxes and/or insurance premiums. When those taxes and/or insurance premiums come due, Carrington will pay them on your behalf with the money you have paid into your escrow account.
What are the benefits of having an escrow account?
Escrow accounts are a great source to help you budget for large expenses such as property taxes and insurance costs. Another benefit is that Carrington will take care of the payments so it is one (1) less payment to keep track of.