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Just what is an Escrow Account?

When a homebuyer takes out a mortgage, an escrow account may be set up to pay real estate taxes and homeowners insurance premiums.

You may be required to deposit money in the escrow to cover these costs at closing, and with every mortgage payment. When property taxes and insurance premiums are due, the account automatically pays them for you. If there are tax hikes or premium increases, the lender typically covers the shortfall and adjusts your monthly payment to make up for it. If there is a surplus in the account, an adjustment will be made annually (the lender writes you a check).

The escrow account exists because:

  • It simplifies the process for the homebuyer, by spreading the cost of taxes and insurance over 12 months and making sure those payments are made on time.
  • It protects the homebuyer, because it is in his or her best interest to keep current on taxes and insurance.
  • It protects the lender also, to prevent a foreclosure situation where tax liens or uninsured losses become the lender's responsibility.

Do you have more questions about homebuying? Contact SCCU today.

  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

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