What is an escrow account?

An escrow account is an interest-bearing account. With each monthly mortgage payment, money is deposited into an escrow account for taxes, homeowners insurance, and mortgage insurance. When taxes and insurance are due, the mortgage department draws from the account for payment to the tax agency and insurance companies.

Each year in March, Visions completes an escrow analysis on each Visions mortgage. Escrow is changed based on current tax payments and the mortgage payments are then adjusted accordingly. The new payment with the adjusted escrow should appear with the May payment. Analysis documentation is mailed prior to the payment change which explains any payment changes.

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