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What is escrow disbursement?
My bank that I have my mortgage through sent me an email letting me know about my upcoming escrow disbursement. I don’t know what that means, though. What is escrow disbursement?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! Your escrow disbursement is when your escrow makes a payment.
Your escrow account holds part of your mortgage payments. The money in your escrow is for your
homeowners insurance
, property taxes, and other expenses. While escrow account and disbursement laws vary from state to state, an escrow agent is typically responsible for paying these funds on an exact date. As long as you inform your lender about any bills or ensure their address is listed, you shouldn’t have any issues with payment.
Since you’re taking the time to learn more about your home, why not take a few extra minutes to ensure you’re paying the lowest rate for your home insurance with
Jerry
. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry will even help you cancel your old policy.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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