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I am buying my house. Have been for 15 years. Have never had escrow but have thought about it just for the ease of it. Since I don't know much about it...would I have to refinance to do this?

any info is helpful


Asked by Jademom07 at 5:10 PM on Jul. 19, 2010 in Money & Work

Level 34 (64,323 Credits)
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Answers (3)
  • Oh I forgot to add that some state laws do not allow the tax bills etc to be sent directly to the mortgage (like PA) and so they will send the bill to you and you will have to forward it if you do set up the escrow.

    Answer by aeneva at 5:28 PM on Jul. 19, 2010

  • No not unless you have an owner financed loan. Your bank or mortage company should do it. You just have to call them and see how they want to start it since it wasn't done from the beginning. If you want to add your home insurance to your escrow your ins. company should be able to take care of it.

    Answer by itsmesteph11 at 5:18 PM on Jul. 19, 2010

  • You should be able to call the mortgage company and set one up now without refinancing. I would get your insurance bill and tax bills together and call the mortgage company and have a talk with them.

    Answer by aeneva at 5:28 PM on Jul. 19, 2010

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