ESCROW Accounts at Ripple Credit Union
What is an Escrow Account?
In short, an Escrow Account is a specialized account designed to hold funds that are associated with your mortgage. Primarily, these funds cover crucial expenses such as property taxes and homeowner's insurance.
What is the Purpose of an Escrow Account?
The purpose of an Escrow Account is essentially just to ensure that these important payments are made timely and efficiently, which provides peace of mind to both the homeowner and the lender.
How Do Escrow Accounts at Ripple Credit Union Work?
At Ripple Credit Union, traditional Escrow Accounts are an exclusive service available to members who have their mortgages through our credit union, although we do have escrow solutions for non-mortgage holding members. This arrangement simplifies the process of managing property-related expenses.
When you have a mortgage with Ripple Credit Union and set up an Escrow Account, a portion of your monthly mortgage payment is directed into this Escrow Account. Throughout the year, these funds will accumulate and be used to pay your property taxes and homeowner's insurance premiums. This ensures that these critical payments are never missed and are handled efficiently, eliminating the need for you to manage them separately.
Benefits of a Ripple Credit Union Escrow Account
Simplified Payments: Instead of worrying about large lump-sum payments for taxes and insurance, you contribute smaller, manageable amounts each month through your mortgage payment.
Peace of Mind: With Ripple Credit Union managing these payments, you can rest assured that your property taxes and homeowner's insurance are paid on time, avoiding any penalties or lapses in coverage.
Convenience: Everything is handled through your mortgage payment, simplifying your financial management tasks.
What if Your Mortgage is Through Another Financial Institution?
If you're a member of Ripple Credit Union but do not have your mortgage through us, you still have the option to manage your property tax and homeowner's insurance funds efficiently. Ripple Credit Union offers the ability to set up a sub-savings account specifically for this purpose. This account functions similarly by allowing you to save for your property tax and homeowner's insurance expenses systematically, ensuring you have the funds available when these payments are due.
Get Started with Your Escrow or Sub-Savings Account Today
Whether you're an existing mortgage holder looking to streamline your property-related payments or a member seeking a smart way to manage your tax and insurance funds, Ripple Credit Union in Wisconsin has solutions tailored to your needs.
Get in touch today to learn more about setting up an escrow or sub-savings account and take the first step towards simplifying your financial management.