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🏠 What Is an Escrow Account? | Homeowners Insurance & Taxes Explained 💰

Let’s clear up a common point of confusion for buyers: Escrow is not an extra charge.

When you hear that property taxes and homeowners insurance are escrowed, it simply means:

💵 Your borrower pays a little extra each month on top of their mortgage payment.
🏦 That extra amount is deposited into a separate escrow account — like a built-in savings account.
📅 Then, when taxes or insurance premiums are due (whether annually, biannually, or quarterly depending on the county or policy), the loan servicer pays them directly on the borrower’s behalf.

📌 This ensures bills are paid on time, without the buyer needing to come up with a large lump sum later in the year. It’s one of the easiest ways to budget for homeownership.

Still have questions or need help explaining it to your clients? I’m here for you!

—

Sarah Whitley Stokes
Senior Mortgage Loan Advisor
Coast2Coast Mortgage Lending
NMLS #1743154 | NMLS #376205
📞 704-301-6040 | 📞 828-772-4638
📧 [email protected]
📍 Licensed in NC & SC
🏠 Equal Housing Opportunity

🔗 Instagram: @SarahWhitleyStokes
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