What Is an Escrow Account?

Welcome to Thursday and to Houston first time home buyers edition. We hope your day is off to a great start. We are always happy to have you visit us. Today, we are touching on what is an escrow account. In a nutshell, an escrow account is a required account if you have an FHA or VA mortgage loan.

It is also required if you have a conventional loan with less than 20% down payment. Managed by the mortgage company, this account is used to hold a portion of your monthly mortgage payment that goes to pay your property taxes and your homeowners insurance when they become due annually. All questions and or concerns regarding your escrow account should be addressed with your mortgage company.

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please give us a call 713.204.8013 or Email us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana