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Should I have my mortgage company set up an escrow account so I pay them taxes and insurance monthly, and they pay the tax bills and insurance payments when due?

April 26, 2017account COMPANY escrow Insurance mortgage pay tax taxes

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Should I have my mortgage company set up an escrow account so I pay them taxes and insurance monthly, and they pay the tax bills and insurance payments when due?

1 Answer

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Some lenders will insist on it and others will refuse. They are holding your money in an escrow account without paying interest, so it costs you a little. But it saves you a lot of trouble – and if they are late paying property taxes, which can be confusing, they pay the penalties.