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.
Mortgages FAQ
- Mortgage Tax and Insurance Contact Info
- How can I close my escrow account?
- Should I notify Visions if my insurance company changes?
- For which geographical areas does Visions offer mortgages?
- What do I need to apply for a mortgage purchase or refinancing with Visions?
- How do I view my mortgage details and transaction history?
