Escrow is a simple way that Statebridge helps you manage the property taxes and insurance premiums for your home along with the payments on your mortgage loan.
Instead of saving separately for taxes and insurance, you make one monthly payment that includes:
- An amount that goes toward your mortgage (for principal and interest).
- An amount that goes into your escrow account to be paid toward property taxes and insurance premiums (like homeowners’ insurance, mortgage insurance, or flood insurance).
When the bills for taxes or insurance become due, we will use the funds in your escrow account to pay them for you.
We will provide you with an annual statement detailing the activity (account balance, payments of property taxes, homeowner insurance) of your escrow account, so you can be sure of where you are with covering these expenses.
If you do not have an escrow account, you will need to make those payments for taxes and insurance on your own.