How To Manage Your Mortgage & Make Payments Online?
Manage Your Mortgage & Make Payments Online
Manage your mortgage and make payments online. Confidence comes from financial knowledge and management. We’ll explain your escrow account specifics.
We set aside a percentage of your monthly mortgage payment for taxes and insurance. This is how we pay our bills.
Your local tax office and insurance business determine how much tax and insurance you pay yearly. These quantities may fluctuate from year to year.
We check your escrow account once a year to make sure we’re collecting enough for taxes and insurance.
These bills may exceed your escrow account balance. “Shortage” results. We pay the whole cost and charge you the difference to avoid delinquent debts.
If your taxes or insurance costs drop, you may have a surplus. You’ll get a refund or credit.
Your yearly escrow statement contains account data.
First, we determine whether you have a deficit or an excess. This example lacks words.
Your new monthly escrow amount is based on your latest tax and insurance invoices.
Finally, you’ll see your new monthly mortgage payment and its effective date.
A shortfall causes a larger monthly payment in this case. Your tax and insurance payments could change your monthly escrow amounts, and the shortfall payment will be spread out over 12 months.
Shortage might be paid ahead. If you’re curious, check your statement’s FAQ page.
After generating your escrow statement, we’ll provide you with an escrow snapshot.
Knowing what’s changed and why might help you maintain control. We’ll help.
Want escrow account information? Truist.com/myhomeloan, 800-634-7928.
