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ULG strives to provide its customers with high quality service and a comprehensive selection of competitively priced loan products. 
 
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ULG strives to provide its customers with high quality service and a comprehensive selection of competitively priced loan products. 
 
loans Contact Us

 

 

Escrow Account Basics

Mortgage escrow accounts are special accounts set up in which money is held to pay property taxes, fire and hazard insurance premiums, mortgage insurance premiums, and other escrow items.

Escrow accounts ensure that these items are paid in a timely fashion. They guarantee that there is always enough money to pay these bills when they are due so that the homeowner avoids the risk of lapsed insurance coverage or delinquent taxes. With escrow accounts, homeowners do not have to worry about coming up with several large, lump sum payments, each with different due dates, throughout the year.

With escrow accounts, unexpected increases are taken care of. It is the responsibility of the mortgage company to allow for possible increases in tax or insurance premiums. Mortgage companies typically cover shortages when tax or insurance payments increase. It is very common for mortgage companies to pay taxes and insurance premiums when they are due even though all the money for these bills has not yet been collected from the homeowner.

Mortgages have lower rates and down payments because of escrows. Escrows protect the interest of investors of home mortgage loans by making them more attractive and secure as investments. Escrow accounts also benefit local governments by providing a more efficient, less expensive means of tax collection.

University Lending Group
 
Let University Lending Group guide you through the home buying or refinancing process, and provide you with the best service available.

PHONE: 586-783-7900

Copyright 2019
University Lending Group
Careers 
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Online Security
NMLS #213179
University Lending Group
 
Let University Lending Group guide you through the home buying or refinancing process, and provide you with the best service available.

PHONE: 586-783-7900

Copyright 2019
University Lending Group
Careers 
Privacy Notice | Terms Of Use
Online Security
NMLS #213179
University Lending Group 
Mortgage Library About Us
Loan Programs
Locations Find a Professional Contact Us

Privacy Notice - Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review our policy and practices with respect to your personal information at www.university-bank.com or we will mail you a free copy upon request if you call us at 1-800-368-7987. 

Illinois Residential Mortgage Licensee - Illinois Mortgage Banker Licensee, License No. MB. 6760806, State of Illinois Department of Financial and Professional Regulation, Division of Banking, 100 W. Randolph, 9th Floor, Chicago, IL 60601; (312) 793-3000; www.idfpr.com.

University Lending Group 
Mortgage Library About Us
Loan Programs
Locations Find a Professional Contact Us

Privacy Notice - Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review our policy and practices with respect to your personal information at www.university-bank.com or we will mail you a free copy upon request if you call us at 1-800-368-7987. 

Illinois Residential Mortgage Licensee - Illinois Mortgage Banker Licensee, License No. MB. 6760806, State of Illinois Department of Financial and Professional Regulation, Division of Banking, 100 W. Randolph, 9th Floor, Chicago, IL 60601; (312) 793-3000; www.idfpr.com.

 
 
 
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