General World News

Many homeowners don’t understand how their escrow account works

Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA.

More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such as homeowners insurance, flood insurance and mortgage insurance premiums.

But at a time when mortgage escrow expenses across the nation are likely to experience substantial increases due to higher home prices, as well as higher property tax and insurance rates, only half of respondents details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com