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Convenience versus Control. For many borrowers, having the lender responsible for paying taxes and insurance out of the escrow account is a welcome convenience.
Starting Oct. 1, however, Maryland will have new escrow account rules. If the lender determines that the escrows must be increased because the real estate tax has gone up, the lender cannot charge.
· The law mandates that escrow amounts in excess of legal requirements refund to the homeowner. Establishment of escrow accounts occurs to pay expenses related to a mortgage such as property insurance and taxes. RESPA law requires escrow servicers to provide an annual escrow account analysis to the homeowner.
When an escrow account is required. The only loan programs that require an escrow account are the USDA and the FHA loan programs. Conventional and VA loans don’t mandate escrow accounts, but most lenders will advise you to have one if you are making less than a 20% down payment.
Yes. The most common reason for a bump in your escrow account payments is a property tax increase. The tax rate can go up, and so can the assessed value of your property. Your homeowners insurance premium can go up too, but probably with much less impact. Your escrow payments can go down too. Your tax rate or the assessed value of your home could drop.
· So how do they establish a cushion for my homeowners insurance and property taxes in my escrow account? At closing you will normally pay the first full year of your homeowners insurance. Subsequently, you will add three months or 1/4 of the next year’s insurance payments to your escrow account.
That kind of escrow is where a neutral third party holds funds, such as earnest money, or documents prior to closing the sale. With a mortgage escrow account, you have to pay the loan servicer a certain amount each month to cover property taxes, homeowners’ insurance, and (sometimes) private mortgage insurance and homeowners’ association dues.
Most of the time, escrow accounts are required if your down payment was less than 20%. There are benefits to having an escrow account, even if it isn’t required. It helps you manage large expenses like property taxes and insurance premiums so you don’t have to save for them separately.