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An escrow account is a special account your lender maintains to pay for things like your homeowner’s insurance and property taxes.
You pay these funds in addition to your principal and interest payments each month, and your lender holds the funds to make payments when they are due.
There are a few reasons your escrow payment might rise.
Your mortgage company makes the payments for you using the funds in your escrow, but if the bills are higher than expected, your escrow won’t have enough to cover them. So no matter the reason for the increase, as the homeowner, it’s your responsibility to pay it.
To avoid higher monthly bills, you can pay an escrow shortage in full when you receive your annual escrow analysis.
► For more answers to your mortgage questions, visit our Mortgage Q&A page.