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 homeowners’ insurance and add the amount to your monthly mortgage bill. When your tax and insurance bills are due, we have them sent directly to our credit union. We will take care of the payments for you, taking the hassle of remembering to pay your taxes off your plate.

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.

Why Do Escrow Payments Fluctuate?

Overtime, tax, and insurance rates may change. This will result in your payment needing to change as well. We monitor and adjust your payments as needed to keep up with the changing payment amounts.

How Do I Set Up an Escrow Account?

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 one of our expert loan officers for more details.

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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.

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