How escrow works
Your monthly payment often includes 1/12 of annual property taxes and insurance. The servicer holds those funds and pays the bills on your behalf.
Annual analysis
Once a year, the servicer reviews the account. If taxes or insurance rose, expect a shortage and higher monthly payment.
Florida-specific
With rising Florida insurance costs, escrow shortages have become more common. Budget accordingly.
Key takeaways
- Escrow smooths tax and insurance costs.
- Shortages happen when bills go up.
Frequently asked questions
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