Your Home Matters (SM)


Escrow is part of your total monthly payment

  • A portion of your payment goes toward your mortgage — and is applied to your principal and interest monthly
  • The other portion of your payment goes into an escrow account

How escrow works

We use funds in your escrow account to make property tax, homeowners insurance, and mortgage insurance payments on your behalf when they are due. Other items, such as flood or fire insurance, may also be paid out of this account.

Why your total monthly payment amount could change

Taxes and insurance premiums change over time. As these expenses increase or decrease, the amount of your escrow contribution will also need to change. We will review your escrow account at least once each year to ensure you have enough funds in your escrow account for projected payments.

Each time we review your account, we'll send you a statement to let you know about any:

  • Changes to your escrow account
  • Changes to your total monthly payment
  • Overages or shortages that must be paid

Escrow basics

Understand how escrow accounts work
Learn more

Escrow payments

Learn how your monthly escrow amount is determined and what causes it to change over the life of your mortgage
Escrow payments

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