Article: Escrow Accounts ? Are You Paying Too Much?
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Escrow Accounts ? Are You Paying Too Much?
Are You Paying Too Much Escrow?
Many people are paying more than they need to into their escrow accounts. A simple check of your own account can save you thousands in interest over the course of your loan.
Money in escrow is "dead money". It doesn?t earn interest for you and it doesn?t reduce your mortgage interest payments. Therefore every cent in your escrow account is costing you money. Make sure there is no more tied up in escrow than there needs to be!
Here is a brief summary of what lenders can and cannot do regarding escrow. I'll also explain how to check your own escrow account to make sure you are not paying too much. It's very simple to do and could save you thousands over the course of your loan.
State laws vary; you sh...
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