Escrow Accounts Make Tax Season Less Taxing
/ Vice President, Mortgage Loan Officer
It’s time to make that second property tax payment. INB’s tried to help make the process a little less painful by providing all of our Sangamon County branches as drop-off locations. You can use our drive-thru facilities or stop into any of our bank lobbies during normal business hours between now and Sept. 4, and we’ll make sure your payment gets credited.
Never write another property tax check: set up an escrow account
If you’re an INB mortgage customer, you can avoid writing this annual check by setting up an escrow account. An escrow account is a free way for you to set aside the money for your property taxes, and then we handle the payments with the county. Like I tell my clients, “You’re going to pay the piper one way or the other. Why not do it this easy way?”
To help everyone understand exactly how an escrow account works, we developed this short video.
Escrow Introduction Doodle video
I recommend all of my clients set up escrow accounts. INB typically sets the accounts up at the time of a mortgage closing, but we can open an escrow account at any time. All it takes is a phone call to get the process started. In either case, you establish your account with an escrow deposit as explained in the video.
Once the account is established, you don’t do anything but make your mortgage payments. We monitor the account, make payments your account is designed to cover, and send you an analysis each year.
For more details on how an escrow account works, check out these blog posts by my colleague Todd Weir.
What is Escrow?
Escrow Amount Changing