Year-End Escrow Analyses Are Out!
What is an Escrow Analysis? How is my Mortgage Payment Affected?
The analysis focuses on three areas:
- • Your tax and insurance amount
- • Your escrow account balance, monthly payment amount, and minimum required balance
- • The recent tax and insurance payments (AKA “disbursements”) made with your escrowed funds.
Analyses change annually, that means sometimes your mortgage company needs to adjust your monthly escrow payment. This is how they make sure you’re not paying too much (or too little) into escrow.
Due to property tax reassessments done in Cook County townships, we anticipate many households will experience a payment increase. This is why it is important to continue to appeal your property taxes annually. If you would like further clarification, do not hesitate to schedule an appointment with our homeowner services advisors! Call us today: (312) 880-1137!