01 Mar Holly Walther Team Fun Fact Friday: What is an Escrow?
Hi, good afternoon and happy Friday. It’s Holly and Miss Daisy, our mortgage dog and we’re here with your Fun Fact Friday. So today we’re talking about escrow accounts. That question seems to be coming up a lot lately, especially this time of year when you’re having a lot of um, analysis on escrow accounts. You know, people are getting inflated tax bills or raise tax bills. Insurance premiums are going up and people are freaking out because they’re getting notices on escrow accounts. So what is an escrow account? An escrow account is an account that manages the payment of your homeowner’s insurance and property taxes. It is the portion of your mortgage payment that is not fixed. So it is going to range, it is going to go both up and down over the years as your property tax bills increase and possibly your homeowners insurance increases or decreases. So this time of year again, when you’re getting this analysis in the mail and it’s kind of doing a reconciliation of the accounts, don’t be shocked if you sees some payment changes because we have had some significant increases in property taxes in Metro Atlanta in 2018. And just know we’re always here as a resource for questions for yourselves, to your family, your friends, your associates. So that’s your Fun Fact Friday, just a little tidbit on escrow accounts, and please call us if you need us.