Does MidWest America escrow for property taxes and insurance?
Yes. Due to new regulations that become effective April, 2010, all Mortgage Servicers will have to require that Escrow for property taxes and insurance be included in the Monthly Payment for at least the first 12 months of the new mortgage. This option will set aside an amount of your mortgage payment to go for property taxes and homeowner’s insurance and pay them automatically when they are due. If your taxes or insurance premiums increase, you will be notified in advance of any change to your regular payment. Until April, 2010, escrows may be “waived” if you have sufficient equity in your home (borrowing less than 80% of the home’s value).
