Tax & Escrow Savings Accounts
It’s unavoidable: If you own a home, you have to set aside money for property taxes, school taxes, and homeowner’s insurance. The easiest way to do that is to hold those payments aside through an escrow account.
How Do Escrow & Tax Accounts Work?
When you set up an escrow account at Adirondack Regional Federal Credit Union, we’ll calculate how much money you need to spend on taxes and insurance, and add the amount to your monthly mortgage bill. And when the bills come due, we’ll take care of the payments for you.
Even better, your escrow account earns interest on balances over $100. This means that even though this account can only be used to pay taxes and insurance, you will still earn dividends on the money you set aside.
Current Adirondack Regional FCU mortgage holders are eligible to add an escrow account or convert their existing tax account into an escrow. You simply need to call and make an appointment with your loan officer for more details.
Looking for a Mortgage?
Whether you are a first-time home buyer, are relocating to the area, or are looking for the perfect Adirondack vacation getaway, we offer mortgages and pre-qualification letters that are easy to navigate, which means you can be in your new home faster.