- Top Question:
- What is an escrow account?
- Best Answer:
An escrow account is a fund established for the collection and payment of property taxes, hazard insurance and mortgage insurance premiums. Escrow payments are conveniently collected as a part of your monthly loan payment. The balance builds as monthly payments are collected, and it is reduced as we pay your property taxes, hazard insurance and mortgage insurance premiums.
An escrow shortage will occur in the escrow account if the actual amount paid out in property taxes and/ or property insurance is more than what was projected to be paid.
Escrow shortage payments to Arvest Bank – Mortgage Division can be made by returning your payment along with the shortage coupon at the bottom of your escrow analysis statement. Payments can also be made in-person at any Arvest Bank branch location or over the phone with one of our friendly customer service representatives.
Whereas, if an escrow analysis reveals that the actual amount paid out in property taxes and/ or property insurance is less than what was projected to be paid, the anticipated escrow balance may reflect a surplus as more than enough funds were collected. If the surplus is $50 or more and your mortgage account is current, this will be refunded to you. If your mortgage is more than 30 days past due, the surplus will be retained in your escrow account.
For more information regarding escrow accounts, please contact Customer Service at (800) 232-5524.
- What account types does Arvest offer?
- What is an escrow payment?
- What Overdraft Coverage options are available?
- What is a Virtual Account Number, and why is it important for purchases made in Google Pay™ with my Arvest debit card?
- How do I get my account number?
- How do I get my account balance?
- Can I cash a check at Arvest if I don’t have an Arvest account?
- Does Arvest offer a Christmas Club savings account?
- When are end of year statements sent out on mortgage loans?
- How do I sign up for/view my mortgage e.Statements?
Most Frequently Asked Questions
- What is the Transit Routing Number?
- How do I log in to Online Banking with BlueIQ™?
- Can you tell me about Arvest debit cards and my options for debit card artwork?
- Can I set up automatic payments to my credit card account?
- How can I get information on the Arvest Flex Rewards™ program?
- How do I enroll in Mobile Banking?
- Where are your branches located?
- How do I open an account or apply for a loan?
- How do I download the Arvest Mobile App to my iPhone or Android?
- What savings accounts do you offer?