Mortgage Escrow
What is mortgage escrow? The amount you must pay each month to cover your property tax liability and property insurance annually.
Not many people are aware that your mortgage lender may allow you to control your own escrow account. This has certain advantages.
A self-managed escrow account can be located at the financial institution of your choice. You can shop for the best deal. If it is interest bearing, you will make a little money as the balance increases. It may not be a lot but “something is better than nothing.”
