… Frequently Asked Questions About Home Loans Have a question 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 Servicing 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) 366-2132.
… Hardship and want to leave the property. You do not have the ability to make the current mortgage payment … Division with any questions regarding these services and how they apply to you. What Documents Do I Have to Submit? Income Verification 30 days of recent pay …
… Bear State personal account, you will need to contact the companies initiating those transactions after Monday, … with your Arvest personal account number and the Arvest transit routing number, which is 082900872. Arvest will work to help provide your vendors …