An escrow account is money we set aside to pay expenses related to your mortgage, like property taxes and homeowner's insurance. We break these expenses into monthly installments and add them to your mortgage payment. When your property tax and insurance bills are due, we pay them on your behalf from your escrow account. Learn more in our Escrow Education Center.
READ MOREIf your account is escrowed for property taxes, your monthly mortgage payment will include funds to pay the taxes. We hold these funds in an escrow account and pay your property taxes when they are due. If your account is not escrowed for property taxes, you are responsible for paying the taxes by the due date.
READ MOREIf the account is escrowed for taxes, we pay the amount reported by your taxing authority. Please contact your taxing authority to be sure that they do not request payment during the deferral period.
READ MOREPayments will draft from your bank account on the date included in the confirmation letter we sent when you set up Autopay. If your scheduled draft falls on a weekend or holiday, your payment will draft on the next business day.
READ MOREYes. We'll send a confirmation letter with the date of your first draft. Please continue to make your mortgage payment until you receive the confirmation letter and the draft date has been confirmed.
READ MOREA short-term loan that is paid off through fixed monthly payments, followed by one large, final payment (the 'balloon') of the entire remaining loan balance. The balloon mortgage is amortized as though it were a long-term fixed rate loan, resulting in low monthly payments, but after a specified time period (usually five, seven or 10 years) the entire remaining balance is due and payable in full.
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