Mortgage/Escrow

You can make your mortgage payment in just a few clicks within digital banking. Check our related How-To for detailed steps and screenshots.

There are a few reasons why your mortgage payment may have changed:

• Most properties are reassessed annually, and this can change taxes you owe.
• The county changed your tax rate. This could be caused by new school bonds, local levies, or state bonds.
• Your insurance premium changed.
• You changed your insurance company and the premium is different.

These reasons may also result in an escrow shortage. If you have questions about changes to your mortgage or escrow payment, please call us at 800-445-4483.

An escrow account collects 1/12 of your annual property tax and 1/12 of your annual homeowners insurance each month, keeping this money in reserve. When the taxes and insurance come due, the escrow account automatically makes your payments, ensuring they are paid in full and on time.

An escrow account is required for: 

• Loans when you borrow more than 80% of the purchase price (or appraised value, in the case of a refinance).  
• Loans with properties located in a flood zone.  
• All government loans—such as FHA, USDA, and VA loans, regardless of the down payment or appraised value.  

On all other loans, an escrow account is optional. 

Your monthly escrow payment is 1/12 of your current property tax and homeowners insurance. These figures are updated annually and recalculated every December to adjust for any tax or insurance changes from the prior year. 

An escrow shortage occurs when your property tax or homeowners insurance rate changes from the prior year, exceeding the cushion accounted for in your escrow minimum balance. Your taxes and insurance will be paid in full regardless of the balance in your escrow account. 

If you do not have enough money in your escrow account, the lender will pay the difference to avoid delinquency, but you’ll be required to either repay the shortage in one lump sum or your mortgage payments will increase to cover the outstanding balance. 

You can view your escrow account balance—and see when escrow payments are made on your behalf—in digital banking and on your monthly mortgage statement. The funds themselves cannot be accessed.