Escrow FAQs | Mortgage | chase.com – Chase Information & Tales

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An escrow account allows us to pay the required insurance and/or taxes on your property for you. You pay a portion of your taxes and/or insurance premiums as part of your monthly mortgage payment. Then, when taxes and/or premiums are due, we’ll pay them on your behalf with the money in your escrow account.
An escrow account helps you budget for large expenses, like property taxes and insurance. Plus, we pay them on your behalf when they’re due, which saves you time and gives you peace of mind that your payments will be made on time.
Each year we project how much you’ll need in your escrow account for the upcoming year. We base it on the amount of taxes and/or insurance you paid during the past 12 months. The total paid is divided by 12 to get your projected monthly escrow payment.
Sometimes, your payment must be adjusted to ensure your monthly balance remains above a required minimum balance during the next 12 months. This minimum balance is typically equal to two months of escrow payments.
If your taxes and/or insurance change during the next year or your monthly escrow balance falls below the required minimum amount, you could have a shortage or surplus in your account when we do an Annual Escrow Analysis next year.
We estimated your tax payments and/or insurance premiums before your loan closed using the most recent tax and/or insurance amounts paid on the property. If your home is newly constructed, we may base our estimate on the taxes you paid for the property before you made any improvements.
We have to project your tax and/or insurance premiums based on the amounts you paid in the previous year, unless we receive official notice of an amount change for the upcoming year from a taxing authority or insurance provider.
We offer a variety of mortgages for buying a new home or refinancing your existing one. New to homebuying? Our Learning Center provides easy-to-use mortgage calculators, educational articles and more. And from applying for a loan to managing your mortgage, Chase MyHome has everything you need.
Whether you’re determining how much house you can afford, estimating your monthly payment with our mortgage calculator or looking to prequalify for a mortgage, we can help you at any part of the home buying process. See our current mortgage rates, low down payment options, and jumbo mortgage loans.
Refinance your existing mortgage to lower your monthly payments, pay off your loan sooner, or access cash for a large purchase. Use our home value estimator to estimate the current value of your home. See our current refinance rates and compare refinance options.
Our affordable lending options, including FHA loans and VA loans, help make homeownership possible. Check out our affordability calculator, and look for homebuyer grants in your area. Visit our mortgage education center for helpful tips and information. And from applying for a loan to managing your mortgage, Chase MyHome has you covered.
Go to Chase mortgage services to manage your account. Make a mortgage payment, get info on your escrow, submit an insurance claim, request a payoff quote or sign in to your account. Go to Chase home equity services to manage your home equity account.
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