2006-10-24 03:21:03 · 4 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
They hold it for the length of the loan and make tax and insurance payments out of it. Some banks do not require escrow accounts. You can pay the insurance and taxes on your own if you can save the money yourself ober the months. Check with your bank. I haven't had escrow for 20 years because I didn't want the bank to be holding my money interest free to them. You will have to show proof of insurance and taxes paid up to date if they ask.
2006-10-24 06:14:48 · answer #1 · answered by college kid 6 · 1⤊ 0⤋
No, it is saved and used for the next years taxes and insurance. However, your mortgages might go down a few dollars because the mortgage company will not have to take as much out of your payments for your escrow.
2006-10-24 03:49:57 · answer #2 · answered by bettyswestbrook 4 · 0⤊ 0⤋
On my loan, if I have too much money in my escrow, they decrease the amount I put into it each month. So, no, you will not get the money back.
2006-10-24 03:28:39 · answer #3 · answered by Answer Schmancer 5 · 0⤊ 0⤋
you shouldn't even be thinking of that. Usually your payment is reflected with the balance paid out over a period of a year. for example if you were owed 100 it would be divided by 12 and applied to your loan.
2006-10-24 03:24:22 · answer #4 · answered by Karrien Sim Peters 5 · 0⤊ 0⤋