Should I Use an Escrow Service?

You paid off your mortgage.  Congratulations!  You now experience the security, financial freedom, and peace of mind you can only feel by being mortgage free. Knowing you are insulated from losing your home in financial difficulties.  Saving thousands of dollars in interest charges that is money that can be used for other investments. You have freed up cash for travel, retirement, and other long-term plans. But now your lender no longer offers escrow services for paying property taxes and homeowners insurance. After you payoff your mortgage, you realize you are now responsible for saving money for paying your two biggest bills of the year.  Your property taxes and homeowners’ insurance. What happens if you forget to pay your property taxes or homeowner insurance on time? If your homeowner’s insurance lapses, your house could burn down, leaving you with a total loss of your hard-earned investment.  Likewise, if you don’t pay your taxes, the local taxing authority could put a lien on your home and collect taxes due at a forced foreclosure or tax sale. What is a mortgage escrow service? An escrow account, in the case of a mortgage, functions as a middleman between a homeowner, tax entities, insurance companies, and anyone else whom the homeowner designates to pay with the funds saved in it. It is typically a savings account managed by an escrow company. Mortgage escrow services are popular with mortgage lenders because they prevent foreclosures due to the lack of payment of property taxes. Why use an escrow service? One of the major advantages of an escrow is convenience. Rather than making individual arrangements to separately save for property taxes and insurance, these expenses are included in one payment. It’s the same principle as automating your monthly bills and 401(k) plan savings. A mortgage escrow service offers you a way to save for large bills monthly. That way the money is already there when you need it. Another benefit is that an escrow company will automatically send the payments to the property taxing authorities or insurance companies when they are due.  You get are not at risk for late payment penalties or lapses in coverage.  You benefit by having piece of mind. You are protected against the risk of your home being auctioned off by the county if those expenses are not paid. It also reduces the uncertainty of the property not being insured against catastrophe. Why use Mortgage Free Escrow? We offer an automated solution to collect a monthly payment that is accumulated in an escrow account we setup for you.  We pay your property taxes and insurance bills when they become due. It is your money. We make is easy for you to use your funds if you ever need them.  We can disburse some or all your funds to you on request. You will receive monthly email statements and payment reminders.  You also have online access to monitor your escrow account.  We offer this service for low per payment fee. Get started today!