… Frequently Asked Questions About Home Loans <strong>Have</strong> <strong>a</strong> <strong>question</strong> about mortgages with Arvest? We’ve answered some of …
- 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.
… a financial hardship. As your home mortgage servicer, <strong>we</strong> want to <strong>help</strong> <strong>you</strong> retain your home or <strong>help</strong> to ease your … payment to allow <strong>you</strong> to recover from your hardship. <strong>Can</strong> lead to other workouts once the forbearance period is … Allows <strong>you</strong> to sell your property for less than <strong>what</strong> is owed to satisfy your debt if approved by the …
… your Arvest personal account number and the Arvest transit <strong>routing</strong> number, which is 082900872. Arvest will work to help … or other companies to provide your new Arvest transit <strong>routing</strong> number (082900872) and account number (if it has … 24, to notify them of your new Arvest Bank account and <strong>routing</strong> number, and to ensure your payments continue without …