CareersDocuments Required
☐ Paid real estate tax bills for the most recent tax year.
- County
- Local Municipality (Borough, Township, City)
- School
☐ Real estate tax bill(s) should contain:
- Property owner name(s)
- Property address
- Parcel, map, or control number
- Taxing authority
- Tax collector name and contact information
- Tax amount due, including discount and face amounts, if applicable.
- Tax payment due date, including discount and face dues, if applicable.
☐ Paid homeowners insurance premium /policy (paid receipt from the insurance company).
☐ Paid flood insurance premium /policy (paid receipt from the insurance company).
Keep in Mind
☐ All taxes currently due & payable must be paid prior to establishing escrow. Proof of payment is to be provided to the bank.
☐ Recently completed construction: Has the property been re-assessed by the taxing authority?
☐ Yes. Copies of reassessment notices should be provided to the bank (this assists us in calculating escrow).
☐ No. Please be advised there may be a payment shock (increase) when the property is reassessed.
☐ Homeowner & flood insurance must be paid through the policy date. Escrowed insurance is paid on an annual basis.
☐ Loan with escrow can not be paid ahead.
Process
☐ Receive customer documents
☐ Escrow analysis will be created. The analysis will show the following:
- The initial deposit due to establish the escrow account
- The monthly escrow payment that will be added to your current monthly principal & interest payment
- Date monthly payment containing principal, interest & escrow will start
- Date acceptance & initial escrow deposit is due
☐ Escrow analysis is mailed for your review & acceptance.
☐ Return customer acceptance & initial escrow deposit to the bank.
☐ Escrow will be added to your loan
☐ Begin paying the monthly principal, interest & escrow payment on the designated date
Download a copy of our Escrow Checklist or Contact one of our Personal Bankers with any additional questions regarding your Escrow Account.
