What Is an Escrow Account?
FAQs
Still have questions about escrow?
Read answers to frequently asked questions here or contact us with your question today.
Where can I see a breakdown of my escrow account?
Escrow information is available on your monthly mortgage statements. Every year, you’ll receive an escrow analysis statement with a complete breakdown. Additionally, you can view escrow information within HomeSquad by following the instructions below:
- Sign in to online banking
- Click on your mortgage account number to launch HomeSquad
- Navigate to the My Loan dashboard
- View the Taxes & Insurance tile
When will the escrow analysis for my account take place?
The timing depends on the state in which your property is located. Download the schedule for more information.
Do I need to pay escrow if I’m tax exempt?
It depends on certain factors. For example, your tax office may charge additional fees outside of your regular tax bill. These fees would need to be paid through your escrow account. If you’re tax exempt, please forward us an exemption approval letter and the updated tax amount using either of the methods below.
- Mail to Navy Federal Credit Union, P.O. Box 3304, Merrifield, VA 22119
- Sign in to your Navy Federal account and send us an eMessage
Can I cancel my mortgage escrow account and pay the costs directly?
You may be eligible to pay your taxes and insurance independently; however, if flood insurance is required on your home, it must be paid through an escrow account. To cancel your escrow account, submit a request for an escrow waiver. Some criteria we consider for escrow waivers are:
- Loan-to-value ratio (LTV): Your LTV ratio must be lower than 80%.
- Loan type: VA and FHA loans generally require escrow.
- Occupancy: The property must be your primary residence.
- Age of your loan: Your loan must be older than 6 months.
- Escrow balance: Your escrow account balance must be positive.
To request an escrow waiver, please use either of the methods below:
- Mail us your request at: Navy Federal Credit Union, P.O. Box 3304, Merrifield, VA 22119
- Sign in to your Navy Federal account and send us an eMessage