Escrow, Property Taxes & Homeowners Insurance Information

You will find helpful answers about your escrow account, property taxes and homeowners insurance on this page. If you have a question that is not covered on this page, please contact us @ 419.645.3108 and we will be happy to assist you.

IMPORTANT: Your mortgage payment is a fixed payment and your interest rate is a fixed rate. These will not change during the life of your loan.

Mortgage Escrow Information

Many home loans at TopMark Federal Credit Union will set up an escrow account to pay property taxes and insurance (including homeowners insurance and flood insurance) on your behalf. In most cases, if TopMark is escrowing for your loan, you will not need to make these payments. Our servicer myCUmortgage handles all escrow accounts.

Why does escrow change?

Each year, counties in Ohio collect property taxes that are based on the assessed value of your home. Depending on the value of your home, taxes may increase or decrease.   Insurance may also change each year depending on the value of the home and coverages purchased. This includes homeowners insurance and possibly flood insurance.

Due to these changes, the amount required to be escrowed may increase or decrease. Each March, myCUmortgage completes a scheduled escrow analysis to ensure we are collecting appropriate funds. You will receive an Annual Escrow Account Disclosure Statement that details both a projection of payments for the coming year, as well as a history of the previous year’s payments.

The escrow analysis will determine your new escrow payment, based on the updated information for property taxes and insurance.

What is the Annual Escrow Analysis Statement?

Your real estate taxes change every year. We review your escrow account annually to ensure there will be enough money in the account to make necessary tax payments. The statement will detail any changes to your account including payment amount, any shortages or overages you may have, and your account activity.

IMPORTANT

It is important to remember that if you have your mortgage payment set up through online Bill Pay, whether with TopMark or another institution, you must manually update your payment amount to the new payment amount indicated on your statement. This does NOT happen automatically and could result in insufficient payments, which ultimately could result in delinquency.