Escrow is a money reserve that is collected along with your monthly mortgage payment then used to pay for taxes and insurance premiums on your property. Escrow payments are made along with your mortgage payments, so that money reserve is available when property taxes and insurance are due.
Learn about escrow and the annual escrow account analysis performed on your account.
If you have an escrow surplus, learn about your refund options.
If you have an escrow shortage, learn about your payment options.
Items typically paid from your escrow account can include:
Other items that can be paid from your escrow account, but are not included in your monthly payment:
Each year, Cenlar is required to perform an analysis on your escrow account. As a result of the escrow analysis your monthly payment may increase or decrease, if there are changes to your property taxes or homeowners insurance premiums.
An escrow account, managed by Cenlar, is an easy way to manage property taxes and insurance premiums for your home. If your loan does not have an escrow account, you may request that an account be set up. Cenlar will calculate the amount of funds needed to get started.
If you would like to have your escrow requirement waived or stopped, you must submit a signed, written request to Cenlar. When the request is received, your loan will be reviewed for escrow waiver eligibility. Please know that based on the type of loan you have, there may be a requirement for you to maintain escrow or until certain loan conditions are met.
If you have changes to your homeowner’s insurance, please let Cenlar know as soon as you can. Please also provide us with a copy of your insurance renewal on an annual basis using one of the following methods:
