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3 Advantages Of Mortgage Escrow Accounts

January 16, 2022

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When a homeowner gets a mortgage, their lender may require an escrow account. Also known as impound accounts, escrow accounts serve as a trust account facilitated by your lender or mortgage servicer. Escrow accounts act as a middleman between homeowners and tax entities, insurance companies, or anyone to be paid from the fund by the homeowner. Typically, lenders won't require an escrow account if you have more than 10% equity in your home, but you may still want to consider having this account. Below, our title and escrow company outlines the unique benefits of having an escrow account.

Key Title & Escrow is a trusted escrow and title company that's been serving clients across the state of Florida for over 20 years. We offer a range of title and escrow services designed to help home buyers and sellers close their real estate transactions safely and efficiently. Contact us today to request our services!

Convenience

One of the greatest advantages of having an escrow account is the convenience of keeping up with payments, as homeowners can use their escrow account to pay a multitude of their home-related expenses at once. Rather than writing multiple checks to the mortgage company, tax assessor, and insurance company on separate dates, homeowners who have their taxes, insurance, and even HOA dues collected through an escrow account make a single, manageable payment every month that covers all their bills.

Predictability

With an escrow account, you'll know what to expect from payment to payment, as the exact amount needed for escrow is added to your monthly mortgage payment on your behalf. Additionally, if the escrow portion of your monthly mortgage payment ever needs to be increased, you will be notified by your lender or servicer in advance. Typically, servicers will send you an annual statement detailing your escrow payment as well as overages and shortages.

Lower Mortgage Rates

This will likely be the sweetest perk of having an escrow account for many homeowners. Depending on your loan and/or mortgage lender, opting for an escrow account may result in discounted mortgage rates. Typically, lenders have fewer risks when borrowers use an escrow account, leading to these discounted rates.

When it comes time to close your escrow account, contact Key Title & Escrow for convenient and efficient escrow closing services!

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